For those who’re stepping down as your organization’s chief however nonetheless need to be concerned in a roundabout way, you’ve got choices. Under, specialists share insights on negotiating several types of involvement as a part of your succession plan and methods that may assist guarantee each you and your organization flourish.
Begin early
There are a number of methods to contribute to your organization with out main it. A yr or two earlier than you permit, replicate on which path will finest match your individual wants—in addition to your organization’s. “Have open conversations early on,” says Trina Aguirre, founder and CEO of Govt Exit Plan. “Individuals are generally fearful or responsible about leaving. However a whole lot of occasions, firms will need their recommendation.”
David Radin, creator of Time Administration within the Age of AI and CEO of Confirmed, agrees that making selections prematurely and getting everybody on the identical web page is crucial. As a Dale Carnegie guide, he coaches purchasers with succession planning and works with founders and government groups. In his expertise, “For those who wait till an organization adjustments palms, it’s too late.”
Whilst you’re nonetheless in your position, you may make an influence in your firm by creating processes to assist it function simply with new management and go within the route you envision when you step down. Growing these processes contains procedural documentation and cultivating the talent units of people that will assume new tasks, says Radin.
Contemplate your choices
One strategy to step down with out stepping away completely is to serve on the firm’s board. “For those who’re a CEO or already on the board, you’ll be able to negotiate persevering with to be a board member or changing into a board member in the event you’re not one already,” says Aguirre.
Some folks, typically retiring CEOs, select to not be on the board. As an alternative, they could coach and rent their successor. “For those who’re leaving on good phrases and know you’re leaving 18 months prematurely, you’ll be able to prepare somebody within the firm or seek for the individual to exchange you,” explains Aguirre. As a former payroll director turned profession transition strategist, she helps high-achieving professionals—particularly ladies—construct worthwhile exit methods from company careers. She encourages her purchasers to specify how lengthy they may prepare successors, how lengthy they are going to be accessible to their successors after leaving, and what they may obtain in change.
Retiring people may additionally negotiate a contracting or consulting position with their firm to wean themselves into retirement. On this case, it’s best to begin negotiating your compensation 18 to 24 months prematurely and safe a written contract.
Relying in your preferences, you would possibly select to volunteer after stepping down out of your position. You’ll be able to volunteer to coach different leaders, assist with fundraising or stay concerned in initiatives that you just applied inside your group, Aguirre suggests. In case you are leaving your organization in the course of a marketing campaign, it’s doubtless the board will give you compensation for staying to complete the marketing campaign.
Sustaining possession by proudly owning the inventory however handing over management to another person is an alternative choice, says Radin. A remaining risk is changing into a model ambassador who attends public occasions on the corporate’s behalf. In case you have pre-existing relationships with enterprise leaders and politicians, this position will be particularly compelling for you and your organization.
Current your case
Whichever route you select, you’ll want approval, so begin documenting your contributions to the corporate to be able to current a suggestion the board can’t say no to. Be strategic when explaining how your involvement is in one of the best curiosity of the corporate, Aguirre recommends. As an example, if you wish to be a model ambassador, don’t say, “I don’t need to depart. I’m hooked up.” Define the advantages for the corporate. You’ll be able to say, “I’ve relationships already from being the face [of the company]. I’ll leverage these connections to advance our mission.”
HR just isn’t the decision-maker if you wish to be a model ambassador, Aguirre says. “Speak to the very best individual within the firm, or speak to whoever is taking on—whoever is perceived to be the decision-maker and might advocate for you.” You’ll most likely current to the board too.
Remaining on the board after leaving the corporate additionally requires the board’s approval. Come to this assembly with a proposed succession planning contract, together with the specifics of the way you need to keep concerned. “Spotlight [the] incentive of [an] orderly transition,” Radin says. “They could solely say sure in the event that they suppose you add worth that they don’t have or in the event you’re lowering their danger.”
In instances the place your organization is being acquired, determine who’s in management. “Typically high-level workers are decision-makers. Typically there’s an acquisition group,” Radin explains. If you wish to keep concerned, you might want to speak to whoever is definitely negotiating the deal. “It’s in each events’ finest curiosity so that you can be as concerned as they want you to be concerned,” Radin says. “So you’ll be able to ask the individual you’re negotiating with, ‘What position would you like me to play?’”
For those who’re fascinated with teaching, contracting, consulting or main a marketing campaign, hammer out the main points in a written contract a minimum of a yr earlier than your departure. Compensation on your time and belongings must be a part of this dialog. “[It should] by no means simply be a verbal settlement,” says Aguirre. “Typically smaller corporations don’t run by the ebook and do verbal facet agreements as a result of they’re buddies, and that often doesn’t work out… you want it in writing to have leverage.”
Step in with out overstepping
Self-reflection is required all through this course of. “Why do you need to be concerned?” Radin asks. “There are compelling causes, such as you don’t need to retire, you need to help the mission, you need to help folks succeeding you or you’ve got a package deal the place you’re nonetheless compensated. However you might want to ask your self this.”
Figuring out your causes for staying concerned will make it easier to watch out about what you’re providing, Aguirre says. It is best to be certain that your proposed involvement is admittedly what you need to do and that it aligns with the targets you’ve got after leaving your organization.
Mentally getting ready to not be in cost anymore is essential too. “You’re in charge of the corporate in your thoughts, and when one other chief takes your house and you continue to need to assist, it’s not straightforward to let go,” Aguirre says. “The traces are blurred until there’s a clearly outlined plan for what you’re doing, for the way lengthy and what outcomes you’re delivering.”
She recommends discovering somebody to open up to, resembling a therapist, as leaving a high-ranking management position will be difficult. “For those who’re a CEO, that position is tied to your identification, so stepping down will be like mourning a loss,” she says.
In fact, stepping down additionally gives new alternatives and the potential to stay concerned in a roundabout way. “For those who consider it’s potential, it might occur,” Aguirre says. By beginning early and growing a strategic strategy to current what you want to do, the succession planning course of will be extremely rewarding.
Photograph by hxdbzxy/Shutterstock. This text initially appeared within the July subject of SUCCESS+ digital journal.
