Monday, November 19, 2012

PSMJ Tips: How to Groom Leaders

• Make it clear that everyone in the firm is expected to develop his or her talents. 

• Write a development plan for any individual you've chosen as a potential successor. 

• Review individuals each year to check on their progress and determine current development needs. 

• Make sure employees understand the criteria for leadership and ownership. 

• Make sure prospective leaders understand the distinction between ownership (investment) and employment (doing a good job for pay). 

• Train prospective leaders and owners in the business.

Discovering and nurturing the future leaders of your firm is imperative, especially when considering Ownership and Leadership Transition. Even if you aren't ready to start the process today, you should start planning for the inevitable now. Successful transitions typically take 10 years to accomplish… most owners wait too late to start the process and harm the realization of firm value.

PSMJ has been addressing the issue of design firm ownership transition for 34 years and is holding two Ownership and Leadership Transition Roundtables for the leaders of today's A/E/C practices just like yours – February 11-14, 2013 in Beaver Creek, CO and May 7-9, 2013 in Chicago, IL. Together we'll walk through a structured, logical approach to developing practical planning tools for your firm's Ownership Transition. Click here to register now! 

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