Are You the Steve Jobs of Your Company?
First, let’s get the depressing news out of the way: Steve Jobs is taking a leave of absence from Apple to deal with a medical condition. Many pundits think Jobs is irreplaceable. That got me thinking: I bet the vast majority of managed service providers have a key executive who is considered irreplaceable. So, do you have a succession plan in place?
At MSPmentor’s parent company (Nine Lives Media Inc.), we do have a succession plan in place. I’m not suggesting that the transition would be easy if either me or my business partner (Amy Katz) left the business, but we’d work though it. Most importantly: Everything is in writing with clear information about how the company is owned — and how it would move forward in the event of a management change.
I have to admit: I hated setting up a succession plan. When you’re launching a company you want to think about growth and prosperity and happy retirements (in the distant future…) — not potential executive changes and staff departures. But setting up ownership and succession terms was a smart move because now we can remain focused on growth — rather than worrying about worst-case scenarios.
What would happen to your business if your Steve Jobs wanted — or needed — to walk out the door?
Do you have a succession plan in place? If so, is the leader-in-waiting up to the job?