Succession Planning for Long-term Success

What would happen to your business if you had to retire tomorrow?

Many small businesses are dependent on the owner, so if you want to be able to retire and/or position your company to be able to sell – you’ll need strategic forethought and action built into the structure of your organization. Having a strategy for developing people who can move up when key employees leave is critical to the long term success of a business.

The trouble is, many businesses owners only start thinking about this when they are nearing the transition. Building on-going succession planning into the structure of a business will not only position the business for success when transition approaches, but it will allow the business to grow and attract top talent in the meantime. It will also allow the company to be strategic if the goal is to sell.

When a business has leaders-in-training, the dependence on the owner is minimized so that when the time comes, the business owner can confidently step back and reap the rewards of the business.

Marielle Gauthier, a professional executive and personal coach, has been studying the challenges businesses and organizations are facing in leadership transition as retiring leaders move out, and the next generation of leaders move in.

“Using what I have learned through these assessments, I have developed an approach to support organizations through the transition process so the risks and impacts are reduced and performance and productivity are increased,” said Gauthier. “This means business goals are met while profits increase and costs decrease.”

Gauthier’s clients experience an increase in confidence, better communication, better relationships and have seen a measurable ROI thanks to her coaching.

“As an executive coach, a business communication specialist, facilitator and trainer, I assess the needs of the leader and the organization,”said Gauthier. “My phased-in approach consists of  an assessment process, coaching the leader through a results-based succession strategy, and implementing an action plan.”

Gauthier’s tailor-made approach can also include facilitation, training, peer support and consulting. Through alliances with other executive coaches, organizational development specialists, human resource specialists, business advisors, accountants, lawyers, and business valuators, Gauthier is able to scale any challenges that arise in the succession planning process.

“As the old adage goes: If you fail to plan, you plan to fail,” said Gauthier.

Planning for succession in a business is just as critical as all of the other planning that goes into creating and maintaining a thriving business. Owners must take responsibility for laying the bricks of succession strategy into the structure of the organization as the business is growing and being built.

To seek out support for building succession planning into your business, and to learn more about Marielle Gauthier, visit www.powerupyourretirement.com or send her an email at marielle@redworkscoaching.com.

Study states skilled talent shortage will continue to impede global growth

I’m curious about how many companies are aware of this…

According to Canada’s Urban Futures Institute, about 425,000 Boomers will retire by 2020 annually and some 9.8 million Canadian baby boomers are already approaching retirement.

Already a major issue, skilled talent shortages will continue to impede global growth and if not addressed, could have a significant impact on major economies by 2030, a study* by Korn Ferry (NYSE: KFY).

Talk about succession planning being key! How are you getting new leaders to step into the role and how are you supporting the leaders you have who are leaving?

This is just one of many things I can help you with. If you’re interested in having me come to your place of work to do a session or workshop, drop me a line today!

Celebrating 10 years in business

Join me in celebrating!

This year marks 10 years for me as owner and principal of Redworks Communications and Coaching.

Applying my 20+ years of communication experience doing strategic communications, planning and public relations, media coaching, facilitation, and training in the Saskatchewan market to support my clients through Redworks, has been an extremely gratifying process.

In the past 10 years, it has also been a privilege to see how coaching has helped to support clients improve their thinking, gain clarity, and create positive and powerful changes to achieve their greatest potential.

As a certified Results Coach and accredited professional coach, I have had the honour of coaching not only individuals, but also teams – to improve their group performance and achieve corporate goals with measurable results.

I specialize in helping my clients change their thinking to create positive and powerful changes and achieve their greatest potential in both their personal and professional lives. I also support individuals and teams to increase trust by having better conversations using Conversational Intelligence™ frameworks and tools.

With a background in adult education and a passion for helping people live their extraordinary lives, I offer various group-coaching programs in planning for your retirement lifestyle; succession planning; the inner game: shifting a pervasive limiting belief; mid-life career change; life balance; stress management and self-care; change and transition; and creating the life you want.

Please send me a message today to find out how I can be of service to you!