If you happen to’re stepping down as your organization’s chief however nonetheless need to be concerned indirectly, you’ve choices. Beneath, specialists share insights on negotiating various kinds of involvement as a part of your succession plan and techniques that may assist guarantee each you and your organization flourish.
Begin early
There are a number of methods to contribute to your organization with out main it. A 12 months or two earlier than you allow, mirror on which path will finest match your personal wants—in addition to your organization’s. “Have open conversations early on,” says Trina Aguirre, founder and CEO of Government Exit Plan. “Persons are generally fearful or responsible about leaving. However a number of instances, corporations will need their recommendation.”
David Radin, creator of Time Administration within the Age of AI and CEO of Confirmed, agrees that making selections upfront and getting everybody on the identical web page is crucial. As a Dale Carnegie advisor, he coaches shoppers with succession planning and works with founders and government groups. In his expertise, “If you happen to wait till an organization adjustments arms, it’s too late.”
When you’re nonetheless in your function, you may make an affect in your firm by creating processes to assist it function simply with new management and go within the path you envision when you step down. Growing these processes consists of procedural documentation and cultivating the talent units of people that will assume new tasks, says Radin.
Think about your choices
One strategy to step down with out stepping away totally is to serve on the firm’s board. “If you happen to’re a CEO or already on the board, you possibly can negotiate persevering with to be a board member or changing into a board member in case you’re not one already,” says Aguirre.
Some individuals, typically retiring CEOs, select to not be on the board. As an alternative, they could coach and rent their successor. “If you happen to’re leaving on good phrases and know you’re leaving 18 months upfront, you possibly can practice somebody within the firm or seek for the particular person to exchange you,” explains Aguirre. As a former payroll director turned profession transition strategist, she helps high-achieving professionals—particularly girls—construct worthwhile exit methods from company careers. She encourages her shoppers to specify how lengthy they are going to practice successors, how lengthy they are going to be accessible to their successors after leaving, and what they are going to obtain in trade.
Retiring people may additionally negotiate a contracting or consulting function with their firm to wean themselves into retirement. On this case, you need to begin negotiating your compensation 18 to 24 months upfront and safe a written contract.
Relying in your preferences, you would possibly select to volunteer after stepping down out of your function. You’ll be able to volunteer to coach different leaders, assist with fundraising or stay concerned in initiatives that you simply carried out inside your group, Aguirre suggests. If you’re leaving your organization in the midst of a marketing campaign, it’s possible the board will give you compensation for staying to complete the marketing campaign.
Sustaining possession by proudly owning the inventory however handing over management to another person is an alternative choice, says Radin. A remaining chance is changing into a model ambassador who attends public occasions on the corporate’s behalf. You probably have pre-existing relationships with enterprise leaders and politicians, this function will be particularly compelling for you and your organization.
Current your case
Whichever route you select, you’ll want approval, so begin documenting your contributions to the corporate so that you could current a suggestion the board can’t say no to. Be strategic when explaining how your involvement is in the very best curiosity of the corporate, Aguirre recommends. As an example, if you wish to be a model ambassador, don’t say, “I don’t need to depart. I’m connected.” Define the advantages for the corporate. You’ll be able to say, “I’ve relationships already from being the face [of the company]. I’ll leverage these connections to advance our mission.”
HR is just not the decision-maker if you wish to be a model ambassador, Aguirre says. “Discuss to the very best particular person within the firm, or discuss to whoever is taking on—whoever is perceived to be the decision-maker and may advocate for you.” You’ll most likely current to the board too.
Remaining on the board after leaving the corporate additionally requires the board’s approval. Come to this assembly with a proposed succession planning contract, together with the specifics of the way you need to keep concerned. “Spotlight [the] incentive of [an] orderly transition,” Radin says. “They may solely say sure in the event that they assume you add worth that they don’t have or in case you’re lowering their threat.”
In instances the place your organization is being acquired, determine who’s in management. “Typically high-level staff are decision-makers. Typically there’s an acquisition staff,” Radin explains. If you wish to keep concerned, it is advisable discuss to whoever is definitely negotiating the deal. “It’s in each events’ finest curiosity so that you can be as concerned as they want you to be concerned,” Radin says. “So you possibly can ask the particular person you’re negotiating with, ‘What function would you like me to play?’”
If you happen to’re enthusiastic about teaching, contracting, consulting or main a marketing campaign, hammer out the main points in a written contract at the very least a 12 months earlier than your departure. Compensation in your time and belongings ought to be a part of this dialog. “[It should] by no means simply be a verbal settlement,” says Aguirre. “Typically smaller companies don’t run by the guide and do verbal facet agreements as a result of they’re pals, and that normally doesn’t work out… you want it in writing to have leverage.”
Step in with out overstepping
Self-reflection is required all through this course of. “Why do you need to be concerned?” Radin asks. “There are compelling causes, such as you don’t need to retire, you need to assist the mission, you need to assist individuals succeeding you or you’ve a bundle the place you’re nonetheless compensated. However it is advisable ask your self this.”
Figuring out your causes for staying concerned will show you how to watch out about what you’re providing, Aguirre says. It’s best to be certain that your proposed involvement is basically what you need to do and that it aligns with the objectives you’ve after leaving your organization.
Mentally getting ready to not be in cost anymore is essential too. “You’re in command of the corporate in your thoughts, and when one other chief takes your house and you continue to need to assist, it’s not straightforward to let go,” Aguirre says. “The traces are blurred until there’s a clearly outlined plan for what you’re doing, for a way lengthy and what outcomes you might be delivering.”
She recommends discovering somebody to open up to, corresponding to a therapist, as leaving a high-ranking management function will be difficult. “If you happen to’re a CEO, that function is tied to your id, so stepping down will be like mourning a loss,” she says.
After all, stepping down additionally affords new alternatives and the potential to stay concerned indirectly. “If you happen to imagine it’s potential, it might occur,” Aguirre says. By beginning early and creating a strategic strategy to current what you wish to do, the succession planning course of will be extremely rewarding.
Photograph by hxdbzxy/Shutterstock. This text initially appeared within the July challenge of SUCCESS+ digital journal.
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