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Key Steps in Succession
August 13th, 2018
by Bill Boyajian

If you have been groomed or selected to succeed a manager or owner who is retiring, there are several things I recommend to set the right tone and have the best opportunity for success:

1. Not everyone in your department, division, office, or store will agree with executive management’s decision to have you take over.  I encountered the exact same situation when I was named president of GIA at the ripe old age of 34.  I recommend that you meet individually with each employee and/or manager (depending on the size of the business) and express your vision and goals, along with soliciting their ideas and perspective on the way forward.
2. Keep your friends close and your detractors closer.  By meeting with everyone individually, you will get a sense of who is on your side, who is neutral about your succession, and who may be a detractor as you take over.  Keep any detractors close to you to prevent their possible disloyalty or antagonistic spirit.  You’ll be sure to hear about any comments they make or issues they cause from other people.
3. Don’t demand loyalty and conformity.  If you want respect, you have to earn it.  You must have both the interpersonal skills to win people over and the vision, drive, and core competence to lead people in the right direction.
4. If it’s a family business, and you are a son or daughter, it could be doubly difficult.  Often, sons or daughters (or anyone for that matter) will want to exert authority in their new position and end up setting the wrong tone for their leadership.  The motto I use is: Be kind and thoughtful, be open and honest, and be firm but fair.

This is just a short list of suggestions, but it will help you get started on the road to success in succession.

 



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“I needed help orchestrating a succession plan for our business. I had heard that Bill Boyajian specialized in assisting owners to transition their business to the next generation. He knows how to bridge the generation gap and deliver what each needs to hear. I would recommend Bill to any business owner who needs advice on succession planning from a trusted outside professional.”

–Charles Denaburg,
Managing Partner,
Levy’s Fine Jewelry
Birmingham, AL

"Our family needed some guidance on business transition and succession planning. We asked Bill Boyajian to help us because we knew we could trust him to tell us what we needed to hear. Bill became a valuable resource for our company and our entire family. He has the ability to meet each of us where we’re at and it has served us very well."

–Ceylon Leitzel
Leitzel Fine Jewelry
Hershey & Myerstown, PA

“We needed a plan to transition our business to a non-family member and we asked Bill Boyajian to help us. His experience in the area has really paid off, but we didn’t expect the added value of putting us together with a financial planner who helped organize our retirement needs. We now have the fundamentals to transition our business successfully, and we have Bill to thank for it.”

–Ernie & Debbie Cummings
Kizer-Cummings Jewelers
Lawrence, KS