Elephant #1: The Fear of Finishing

The fear of finishing—an unspoken barrier to succession—looms large like an elephant in the boardroom.

The silent beast trampling your succession plan

You’ve seen it. I’ve seen it. We’ve all seen it.

>>>>>That 85-year-old chairman who will “never be finished.” That founder who changes the subject when retirement comes up. The CEO who keeps pushing succession planning to “next year.”

I met with a 66-year-old CEO whose board chairman was 85.

When I asked, “What would finishing well look like for your chairman?”

His response?

“Mr. Chairman is never going to be finished. He’ll hang on forever. He’ll hang on until he dies.”

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The elephant has a name: Fear of Finishing

And everyone knows it’s there. They just whisper about it in hallways. In hushed tones. In secretive conversations.“

See no evil, hear no evil, speak no evil” becomes the unspoken rule.

Leaders may worry that, once they step back or hand over the reins, they’ll lose their influence, status, and relevance within the organization and industry. 

This fear can be especially acute for those who have been the face and driving force of the business.

Sound familiar?

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The real issue hiding beneath this elephant’s weight?

>>>>> Not being clear on your purpose in life.

It shouldn’t, but finishing feels like ending.

Your challenge: How do you address this elephant when it’s stomping around YOUR boardroom or in your team?

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One of our Breakthrough Mastermind members, Don, identified four reasons entrepreneurs avoid succession conversations:

1. They’re afraid to acknowledge their own mortality

2. They don’t want to face tough choices of whom to pick (especially within family)

3. They don’t see a financial solution that works for everyone

4. They can’t identify successors who “live up to their standards”

(Recognize any of these in your organization?)

The antidote to this elephant? Developing scenarios beyond all-or-nothing thinking.

Try these with your team:

1. Ask: “What does the founder truly want?” (beyond just staying forever)

2. Present options that give the team ownership in choosing the path (Example: liquidate, sell to highest bidder, and several options between these 2 extremes in which the impact of the company may be continued and ‘Mr Chairman’ is elevated to a flourishing role)

3. When stuck, press the “bus question”: “What happens if you get hit by a bus and are suddenly not here?”

4. Set a date and time for responses to be shared in a team meeting

As one of our Breakthrough Mastermind members said: “Look in the mirror and understand what your role is and what you do, what you don’t do, and how others react with your presence and how they would react without you being present.”

Because clarity comes before breakthrough.

Remember: One of the greatest legacies you can leave behind is a business that continually makes a profit and blesses its community for generations!

But that can’t happen when there’s an elephant blocking the door.

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Accepting the fact of your eventual exit from your business is the first step in succession planning. 

Accepting the responsibility for your company’s success in your absence is the second.

Your legacy deserves better than being trampled by an elephant.

Harry T. Jones

P.S. Know someone who lives with this elephant? Forward this email to them!