Interesting thought, isn’t it? Oftentimes I am approached for an executive search when a business owner asks me to find his replacement, or when the owner wants to stay in her business but wants someone to run it for her. Or maybe I’m asked to help owners whose business is growing to find a CEO to handle managing the growth of the company while they do what they enjoy the most (and are the best at). Or perhaps they might want to replace the CEO they have in place.
As a business owner, there could be several reasons you should be finding your new CEO (or COO, however you call it). Once you understand the reasons, it follows you need to establish a process to accomplish that goal. Does that make sense? I’ve listed out several reasons, and suggested some approaches you can take if you are thing about finding your new CEO.find your new ceo
Finding Your Replacement
OK, I’ll admit no one can be like you. Especially if you started the business with a great idea and have grown it into a successful enterprise. You are irreplaceable. But you are tired now, and want to move on. And finding your replacement can become a key strategy in your exit. So, there’s a good reason to start thinking about who the next leader in your company should be. But do you also need to identify a sound transition and exit strategy?
Should I Stay Or Should I Go?
No, not the song from The Clash by the same name. What I mean is your business. Should you find a CEO to run your business – or should you sell it and let the new owner figure it out? Either way, you should answer your “why.” Why is it important to find someone to replace you if you do want to stay, and why is it important to find someone to own your company should you decide to sell? These are business transition questions – and are only 2 of a possible 10 you need to address. Have you thought about the “why?”
Let Me Have Fun Again!
You love your business and don’t want to leave it, but you realize that you have grown it past the point where you can continue to be effective at the helm – and you need someone to help you take it to the next level – especially so you can have fun doing what you are great at. In this instance, maybe you need to undertake a sound analysis of how you need to transition your business into a more prolonged growth phase, and again, answer that nagging question: “why.”
What’s In A CEO?
Good question, right? Who do you need:
- To replace you,
- To sell the company to, or
- To continue to grow your company?
How Does An Executive Search Help You?
When I perform an executive search, I look at:
- Your company’s growth strategy,
- How a CEO will help you to achieve that strategy,
- What type of CEO will best fit your company’s culture & work with other members of your company and,
- How that CEO can fulfill your goals for continued growth and success.
Why Develop A Business Transition And Exit Strategy?
Simply put, to identify why, when, and how you want your company to continue – with or without you. Whether you acknowledge it or not, you started and grew your business with a vision and a plan. As you transition yourself and your company to its next phase you need to develop a plan. It’s straightforward, and filled with great rewards for you, your employees, your customers, and your suppliers. Enjoy.