If you are an entrepreneur under the age of 50, you probably think this doesn’t apply to you. Finally, all those older “cousins” will get out of your way. The whole banana will be yours to govern. Amen. Halleluiah. Well, maybe….
Boomers have dominated the work force for more than 30 years. Boomers are more competitive, work longer hours, and run most of corporate America. The problem for the country is not that there are too many boomers. It is that there are not enough seasoned young people to take their places.
The problem for your company is that this may be you and most of your senior team. It is not a matter of if, it is a matter of when we will all retire or become disabled. Many boomers will work until 75 or even 80. Don’t count on that being your team. Assume they will be moving to part time or go fishing within 5 years, plus or minus, of their 65th birthday.
I am observing several of my Vistage Members consciously developing the succession plan within their companies. They are hiring and training up the next generation. They are integrating them into the senior management team, giving them pieces to run, or projects to manage. They are letting them make the decisions and reap the results-even when they don’t agree with the decision. This becomes a learning lab with analysis of outcomes and real consequences for the younger folks from the choices they make.
In case you don’t think this could happen to you- I was 35 years old when my Father died unexpectedly at 67. Luckily, I had been running the company with his advice and support for 2 years when it happened. We actually had a plan for succession. I sure missed his wise counsel when I had tough decisions to make. And, I didn’t always make the right decision. But, I got by and the company survived the generational transition. I want yours to survive, too.
What do you need to put in place this month to prepare your company for management transition?
illustration courtesy of makedoordowithout.blogspot.com