At 78 years old, Hayden still comes to the office daily to run his company. One day, a revealing conversation with his son exposes just how dangerous holding on too long can become.
“Dad, can you see colors?” his son asks after learning about Hayden’s macular degeneration diagnosis.
“No,” comes the matter-of-fact reply.
Deeply intrigued, his son asks, “How do you know what to do at traffic lights?”
“I stop at every one of them!”
“And how do you know when to go?”
“I go when the people behind me begin blowing their horns!”
This startling exchange perfectly illustrates a truth that applies both on the road and in business: There comes a point when holding onto the keys becomes dangerous - not just for yourself, but for everyone around you.
There comes a point when holding onto the keys becomes dangerous - not just for yourself, but for everyone around you.
The most insidious pitfall in succession planning isn’t complex financial structures or even finding the right successor - it’s the failure to recognize when it’s time to let go.
This hidden danger often sneaks up on even the most successful business leaders, much like it did with Hayden.
Succession Planning Pitfall #1: The failure of the leader to realize that they need a competent successor.
Pitfall: a hidden or not easily recognized danger or difficulty.
According to Harvard Business Review, 70% of businesses fail to make it to their second
generation of leadership. The weight of this statistic hangs heavy in boardrooms across America where leaders like Hayden stubbornly cling to control until their grasp becomes dangerous.
The ramifications of this reluctance ripple through organizations:
Frustrated successors unable to implement necessary changes
Stalled innovation and growth
Confused employees dealing with conflicting leadership
Missed opportunities as the business remains stuck in old patterns
Potential safety and liability issues when judgment becomes impaired
Just as Hayden’s solution to traffic lights puts everyone on the road at risk, leaders who hold on too long put their entire business ecosystem in jeopardy - employees, customers, and suppliers.
And their own legacy.
The solution? As outlined in “Succession Planning for Impact,” leaders must confront their fears about succession planning early. This includes:
Accepting the reality of your eventual exit
Building a strong succession planning team
Developing competent leaders who can take the reins
Creating clear transition timelines
Establishing new roles that allow retiring leaders to stay meaningfully involved without interfering with operations
Remember: You will either give up your keys, or they will be taken from you. The choice of how and when to make this transition is yours - but only if you act before circumstances force your hand.
Don’t wait until you’re metaphorically running red lights to recognize it’s time for change.
Start your succession planning journey today, while you still have the clarity to guide the process and protect your legacy.
The road ahead is clear: Will you choose to hand over the keys gracefully, or will you wait until the horns start blowing?
Getting Started
Start your succession planning journey today in three powerful ways:
Grab your copy of “Succession Planning for Impact” to master the seven essential steps for building a company that will outlast you.
Accelerate your progress by joining one of our Breakthrough mastermind groups, where you’ll collaborate monthly with forward-thinking leaders and receive private coaching sessions with Harry T. Jones.
For the most personalized approach, engage directly with Cultivating Impact for one-on-one succession planning guidance, with flexible terms and success-based payment options.
Don’t let your business become another statistic - 70% of businesses fail to reach their second generation of leadership. Email harryt@cultivatingimpact.biz to start building your lasting legacy today.
Harry T. Jones
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