in this issue
	Leadership Corner: Succession Planning in the Family-Owned or Closely Held Business Organization Corner: Implementing the Strategic Plan Coaching Corner New Associates

Leadership Corner: Succession Planning in the Family-Owned or Closely Held Business

Succession planning in the family-owned or closely held business is vitally connected to the strategic plan. The plans for succession need to be in alignment with the vision of the future company. The days of progenitor succession based on birth position are beginning to fade as companies realize that their financial fate is tied to the capabilities, passion, and commitment of the successor. How do you choose a successor if you have a cadre of waiting siblings or cousins in the wings? 10 Steps to Choosing a Successor Have a Strategic Planning Retreat that includes your Senior Management Team and potential candidates. Once you have identified the vision, mission, values, and strategic focus of the company, make sure that at least one of the goals includes professional development and succession planning. Identify the ideal timeline for the succession plan. Identify the qualifications candidates must possess to best lead the company through the next generation. Identify the professional development process and the steps for grooming the candidate including training, coaching, and mentoring. Identify other key positions that will be available. Consider other entrepreneurial initiatives that may be part of the strategic plan and look for leaders in those lines of business. Dedicate part of the strategic planning process to relationship management that is concomitant with this process. Choose an advisory board that is a resource to the enterprise and can advise on succession and other important business issues. Keep the doors of communication open. Hold regular family business meetings at which everyone can provide input on the necessary capabilities, passion, and commitment of the successor.

Organization Corner: Implementing the Strategic Plan

Strategic planning, when done correctly, embodies the heart, soul, and hope of the company. Input from all corners of the company coalesce into the mission, vision, values, goals, and strategic focus of the company. Contributors sacrifice time and energy to set future direction. Now the work begins. In order to transform a strategic plan from a dormant document to a living instrument, the energy has to be constantly galvanized at this point. How can leaders create a sense of urgency, excitement, and commitment throughout the company? Below are suggestions for keeping staff focused on the plan Tell them the plan Show them the plan Work the plan Inspire a call for action Align corporate and department values, vision, mission, and goals Align individual performance goals around department and company goals Develop a matrix that rewards individual and team/department goal achievement depending on your values Train and coach your managers to motivate and coach their staff toward the shared vision/mission Anticipate resistance Identify WIFM (What's In It For Me) to engage them in the completion of the plan Develop ways to create buy-in Motivate them to make a difference in the plan achievement Create visuals that reinforce your goals, milestones, and steps in achieving the plan Measure success and re-tweak quarterly Identify quick wins Celebrate successes Reassess and redevelop new strategic plans Communicate, communicate, communicate

Coaching Corner

When asked how effective they are as leaders, 90% of executives surveyed said they are effective. However, only 30% of their direct reports agreed. Imagine how much more successful these leaders might have been had they known that fact. Used correctly, the 360 can help managers identify the key areas of strength and weakness from the perspective of their direct reports, colleagues, and managers. In some cases it confirms worst fears, and in others it mitigates them. The key in using the 360 is feedback and follow-up. If it is not used to identify key areas for professional development, align development with department and corporate goals, and provide coaching or mentoring to fine tune the targeted areas, it can often feel like a useless exercise void of meaning or action.

New Associates

Peter Schwartz, MS, has been a senior sales, marketing, and general management executive for over 20 years. He has delivered exceptional results in previously under-performing operations by applying both analytical and strategic skills to build high performance, customer-driven management teams. Abigail Crine, Ph.D., is an expert in coaching and career development. With over 20 years experience as an internal and outplacement assessor and coach, she has a proven track record of developing leaders and managers.