At a panel discussion I recently attended, 3 CEOs from well-known corporations all came to a single consensus: culture trumps strategy.
It’s true! In my work helping money management firm owners and NexGen professionals develop “Win-Win” succession plans, I’ve noticed that it’s strong, positive cultures that pave the way for successful, fulfilling transitions.
And, ironically, the lack of a strong, compelling succession vision is most likely to breed the kind of job dissatisfaction that cultivates negative firm culture.
Let’s break it down, shall we?
Succession Planning Matters for NexGen Professionals
One thing I hear from NexGen professionals time and time again is that they are often frustrated by the fact that there is not a clear strategic vision for the firm or there is a lack of clarity regarding their role in it.
The result? They either hold back their best efforts or start looking to jump ship to firms who seem to value their long-term role. Either way, they are unhappy. It effects their work, their clients’ experience, your growth potential, and, in turn, the long-term viability of pulling off a satisfying succession. That’s why it’s so important to think about the team when you think about your succession.
3 key actions you can take to improve your firm’s culture
There are many things you can do to improve the culture of your business, and the satisfaction of your next generation of owners.
Here are 3 steps you can take starting right now to strengthen your team culture — and set your exit plan up for success:
- Articulate strategic goals for moving forward with your plans. Take into account both the firm’s broader objectives and your own personal and professional goals as an owner.
- Cultivate a team approach. This will decrease dependency on the founder and encourage an ownership mindset in your team, especially your chosen successors.
- Identify and mentor your key team members. Mentoring takes time and emotional connection, but the results of that connection are exponentially valuable.
Remember: Much of the anxiety I’ve witnessed stemsfrom a lack of knowledge about the succession plan, as well as negative feelings based on the perception that there is secrecy around it.
Take a look at your own business and team. Is there a gap between where you are now and your vision for a transition plan that will serve you, your clients, and your team?
Let’s create a clear vision for, a strategic plan that will bridge the gap and spring your succession into action!