“Our company has nearly doubled in size in the past decade, which is great, I guess – but it seems we are just hiring warm bodies off the street to keep up with the business. They don’t know anything about our values, where we’ve come from or our standards.”
This was shared with me at a conference I spoke at in Detroit last week. It is such a common concern I hear from my clients, especially when the founder and original driving force of the organization is trying to retire or transition out of daily operations. This is why it’s so important to have a clear and well-thought-out succession plan for the company or practice.
For family-owned businesses and practices it is especially important because, if it’s going to stay in the family, there will always be the dynamic of and resistance to change.
One of the most important factors that can help in any succession transition is to have a rock-solid purpose, mission, and vision (PMV) defined. Our purpose is why we exist. This is a deeper question than most people believe. Why does the practice or the company even exist? Is it just to line the pockets of the owners? Usually not. Usually, there is a broader purpose. Is it for the benefit of the patients or clients? Is it for the benefit of the employees? Clearly defining this is essential to ensuring the organizational succession doesn’t fundamentally change the “who we are” after it happens. Once the purpose is identified, the others are easier. The mission is what we do. How do we accomplish the why we exist? The vision identifies what it looks like when, on our very best day, we have achieved the what and the why.
Practices and companies that change hands (even if it’s within a family) without a clear purpose, mission, and vision often lose their identity shortly after the transition. That’s why it’s so important. Take the time to define your PMV as a lighthouse for all of your employees to see and steer their daily work by.
Read Lauren’s Whitepaper on The Nine Essentials of Significant Leadership.
