What if…your executive coach helped you to engineer the next four years of your life? Part 1

Where would you like to be in four years’ time? At this time of year the answer may well include references to tropical seas and golden sands… If only! Back to reality, however: if you’re lucky enough to be soaking up the sun, enjoying a break with the family, give some thought to the question of where you want to be four years from now. 

And where were you four years ago? Are you moving forward or standing still?

Why four years?  That’s the average tenure for a CEO – and evidence shows that leaders are their most effective in the first four years of their tenure. So where do you go next? Chairman? Non executive directorships? Business angel? Private equity investor? 

As a business coach and mentor I have seen CEOs and business owners move successfully into all these roles, but this doesn’t happen by chance. The transition requires a great deal of work if it is to be successful. 

Are you ready? 

Ask yourself these questions to find out if you really are ready to move on: 

• How involved am I in the day to day running of the business? Do I have a plan to reduce this?
• Do I have a plan of how I will spend my time away from the business?  Hobbies and pastimes will not be enough.
• Do I view the business as growing and providing a good return on investment? Or am I more interested in the lifestyle the business provides?
• Will I be able to think clearly through the transition process and make objective rather than emotional decisions? 

Do you have the team? 

A key requirement for your successful transition to a new role is the quality of the management team you have now. You need to ask some searching questions: 

• How good is the team? What steps will you take to correct shortfalls and weaknesses?
• Is the structure right? When you ask the team to put their foot to the gas, does the business leap forward?
• Who will replace you and what you deliver? Do they have the knowledge and experience you carry around in your head? How are you going to transfer that knowledge? 

Equally as vital are a clear succession and development plan – and the need to involve your family and close friends in such a life-changing step. I will expand on these areas in my next blog post. Meantime, enjoy your holiday! 

If you would like to learn more about making the transition from CEO and owner operator, or would like to be a member of the What If Business Coaching and Mentoring Programme you can email me at richard.bosworth@whatifspecialist.com.  You can also follow @richardwhatif on Twitter and find me on LinkedIn under Richard Bosworth.