Next Generation Leadership: Securing Your Business's Future

To secure your business’s future, it’s important to consider who will take the reins when you’re ready to retire and if they have the skills and knowledge to carry your legacy forward.

Management transitions take time. Begin the process early by nurturing your team's leadership capabilities. Provide training and mentorship opportunities to develop the next generation. Empower employees to take on more responsibility and start making decisions so they're prepared when the reins are passed.

Cultivating leadership from within has many benefits. It increases employee retention as workers see opportunities for advancement. It also protects those who rely on your business, like family members, customers and suppliers, by ensuring continuity of operations. Most importantly, it preserves your legacy.

Nick Smallwood, founder and former-owner of Courier Corporation of Hawaii, saw the value of preparing his next line of leaders. In 2022, Nick sold his company to his employees with the support of Obran Cooperative. Nick believed that shared ownership would make their business stronger 

Often small businesses are synonymous with their owners. When the owner leaves, the core of the company goes too. By training successors and passing down institutional knowledge, you cement the foundations so your business can carry on no matter how long you are at the helm.

Ask yourself: could my company run smoothly for 6 weeks without me? If the answer is no, it's time to start building a leadership bench. Focus on boosting engagement and ownership mindsets. The more invested your employees are, the more valuable your business will be down the line.

Preparing to pass the reins takes planning. But you don't have to go it alone.

Join a webinar to learn more future-proofing your business preparing the next generation of leadership.