Succession planning: How to exit in style – just like Barack Obama

Former US President Barack Obama

Business exit strategies: How to make sure you leave your company in safe hands 

Barack Obama’s departure from The White House got us thinking about business exit strategies.
We all know we can’t run our companies forever. For many, the dream will be to step back and leave a profitable business that someone else can manage.
So how do you make sure you leave your company in safe hands?
We’d advise you have a succession strategy in place, one that’s gradual but with a solid transistion date at the end to prevent uncertainty.
Here are some tips to help you along:
  • Train up your managers – give people the skills they need to run your company
  • Don’t disappear – The best way to maintain morale is to steadily reduce your hours, rather than leaving suddenly
  • Become a consultant – Be available to pass on your experience
  • Incentivise the next generation – make them motivated to grow your business
  • It’s also important to communicate with staff to let them know what’s likely to change and what will stay the same. And, if you can pull it off like Obama, don’t forget to mic drop!

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Ian heads up the HR Dept Edinburgh & the Lothians team. The HR Dept specialises in helping SMEs with everything to with employment, through a local and personal service delivering practical and pragmatic advice and support. With nearly 30 years HR experience, Ian has a wealth of experience in helping businesses to ensure success through their people, be legally compliant and handle tricky people issues. As a business owner himself, Ian understands the challenges that come with running and growing a business. He is known for his ability to explain complex concepts simply and to make learning fun and enjoyable.

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