About the author:
Drew Oestreicher, CEPA
Principal, Senior Vice President, Senior Client Advisor
Drew loves working with families and small businesses to simplify their financial complexities and help them live their goals. As a Certified Exit Planning Advisor and part of a team of investment, tax, trust and estate planning experts, he enjoys being actively engaged with clients, helping them work through the challenges of succession and plan for the future.
: How to Navigate a Leadership Transition
About the author:
Laura Pfeiffenberger, ASA
Senior Vice President, ESOP Client Advisor
Laura enjoys working with business owners to find solutions to complex valuation issues. As part of Spinnaker’s ESOP team, she draws on more than 15 years of experience valuing privately held companies to help clients navigate their unique challenges and strengthen the services we provide to ESOP clients and their employee-owners.
: How to Navigate a Leadership Transition
Stepping away from leadership can be challenging, even when you have a solid succession plan. Here are four ways to make the transition smoother for you, your successor, and your organization.
1. Identify a new role for yourself.
If you plan to stay involved after your successor takes over, establish a role that allows you to contribute without remaining in control.
A board position or advisory role can let you share institutional knowledge, open doors through industry relationships, and stay connected — while giving new leadership room to lead.
2. Create a clear exit timeline.
Work with your team to establish a timeline for scaling down your responsibilities and transferring them to others.
Clear milestones create shared expectations, give emerging leaders confidence, and prevent a transition from dragging on longer than it should.
3. Think beyond the office walls.
For many business owners, work becomes a major part of their identity. Stepping away means thinking about what will give the next chapter purpose.
Professional associations, industry groups, nonprofits, and community organizations can provide meaningful opportunities to put decades of leadership experience to work in new ways.
4. Prepare for more than a business transition.
A successful succession plan isn’t only about preparing the organization. It’s also about preparing yourself.
Consider how you want to spend your time, rebuild relationships, pursue interests, and prioritize your health, leisure, and personal goals.
A successful exit takes planning on both sides. A thoughtful leadership transition prepares the next generation to take the reins while giving outgoing leaders a meaningful path forward.
Define your new role.
Set a timeline.
Plan for what comes next.
