Client Story: Succession Planning

The Good Place Institute was approached by a small yet successful business seeking assistance with founder/owner succession planning. The initial conversation involved a fundamental step of understanding the answers to several pivotal questions: the underlying purpose driving the desire for a succession plan and the envisioned accomplishments.

The Problem

In most instances of owner/leader succession planning, the objectives often align with either identifying the next “hero” leader who embodies some set of extraordinary qualities to guide the organization into the future or selling the business to secure a substantial retirement fund for the owner. If either of these motives were the case, numerous firms would be readily available to fulfill those objectives. The Good Place Institute, however, might not typically align with these paths. Nevertheless, the responses provided by this particular owner/leader diverged from the norm.

First, the owner aimed to safeguard the well-being of employees and further develop current leadership to assume further leadership roles in the business.

Second, the owner sought to ensure the continued exceptional service, care, and growth of several hundred customers.

Lastly, there was a desire to remain involved in the business, albeit in a reduced capacity, while receiving equitable compensation for the initial risk and investment that started and grew the business.

This unique perspective was a refreshing departure from the usual, and The Good Place Institute eagerly embraced the opportunity to provide guidance, journey alongside, and contribute to achieving these goals.

The Solution

The proposed succession plan, as shared by The Good Place Institute, encompassed a comprehensive approach aimed at enhancing facets of the business that would facilitate its sustained operation in alignment with the owner’s aspirations. Collaborating closely with the owner and their leadership team, The Good Place Institute initially focused on refining the business’ Charter. This encompassed clarifying the organization’s current and future purpose, vision, mission, and values.

Subsequently, the focus shifted to Key Outcomes and Results – the quantifiable indicators signifying the organization’s adherence to its Charter. A real-time monitoring dashboard was developed to track these metrics effectively. Further progress involved identifying the Major Systems within the organization – the critical departments or substantial functions responsible for generating these outcomes and results.

Once these systems were identified, a more in-depth exploration was undertaken to address each Major System, managed by leadership team members. This collaborative effort involved determining the Purpose of each system, outlining their Key Outcomes and Results (with an integrated dashboard to enhance monitoring, learning, and optimization), and understanding the critical components of these systems. These components encompass process steps, activities, roles, tools and resources, knowledge, staff skills, competencies, and feedback loops.

The Outcome

The leadership team engaged throughout this process, fostering the development of crucial leadership skills necessary for effective organizational and systems management and personnel development. Collectively, the foundation was laid for the organizational elements essential to fulfill the owner’s vision for leadership and organizational succession.

Need help?

Do you resonate with this client? We would love to connect with you to help with succession planning and/or other opportunities you or your leadership need to address to continue to build and steward your organization to be healthy and grow, value and develop people, positively impact the community, and be economically regenerative!