The Small Business Safari

55: The Art of Passing the Torch

Welcome back to another rich episode of The Small Business Safari! Today, Alan and Chris are joined by Beth Miller of Executive Velocity, a company she founded in 2006. Beth has written two books called, “Replaceable, An Obsession With Succession” and “Are You Talent Obsessed?” that lay the framework for passing the torch in your business and why it is so important to have the right talent to do so. Kick back and have a listen as the adventure team gets into:

1. There’s a reason why “success” and “succession” sound so similar! Beth schools the guys on how important it is to “begin with the end in mind” when starting a business because at some point, you may choose (or be forced, life happens) to take a step back and it’s a lot easier if you have a plan in place.
2.  Did you know that the number two reason employees leave a job is due to a lack of growth opportunity? Well, it is true and there’s plenty you can do about it. Beth explains how tools like Business DNA are useful to gauge employee/potential employee capabilities, especially when crafting a succession strategy that focuses on bringing internal employees up the leadership ladder later on.
3. Where and when to begin? Here and now! The sooner you craft your succession plan, the sooner you can begin job enrichment for employees that have the potential to fill managerial roles in your absence. Remember, internal hiring for a leadership position keeps the company culture stable, and keeps you from falling back into the company and diverting from your actual succession.

Turn up the volume and maybe even grab a pen to take notes because this episode is one GOLD NUGGET after the other!

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All Things Chris!
All Things Beth Miller!

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