About Steve Brody: Former VP Mktg Coca-Cola | Getting Successful CEOs to their Top Level | Help CEOs Answer ‘What’s Next for Me?’ | Vistage Master Chair | Your CEO Coach. Author of What Happens After the Sale (on Amazon.com) For Mid-Market firms, he focuses on the intersection of Leadership, Strategic Plans, plus Exit Planning.
In this episode, Dean Newlund and Steve Brody discuss:
- How leaders can prepare the company for transition
- Building an exit plan
- Considering a candidate for succession
- Deciding on payout
- How a leader leaf is indicative of how he leads. How they show is a reflection of their personality.
- Think about the exit plan as a road map. There are numerous steps to exit in a good way. First, look if you’ve got an appropriate successor in the organization. If you’re not able to find anyone suitable, that’s when you can look outside for one – though that will take more time.
- Succession doesn’t have to be based on loyalty or popularity – it depends on the organization’s size. In small companies, popularity and commitment come into play more intensely. In contrast, in more prominent companies, often, leaders look at who’s suitable or who they can train to do the job.
- There are two types of founders – one type takes some money out of the organization, and another constantly reinvests their money back into the organization. The founder who reinvests their money back into the business should have more payout than the former type.
“Understand what behavior you have, what you enjoy, and what you’re passionate about – that’s one of the components that’s important before somebody can figure out how to let go or help develop someone else because they have to look at what area do they need complementary skill around them.” — Steve Brody.
See Dean’s TedTalk “Why Business Needs Intuition” here: https://www.youtube.com/watch?v=EEq9IYvgV7I
Connect with Steve Brody:
Connect with Dean:
The Mission Statement E-Newsletter: https://www.mfileadership.com/blog/