The Best Leaders Don't Just Build Businesses. They Build People.
We hear a lot about people who have built successful businesses and then sold them for fortunes, often making a fortune for themselves in the process.
Which is great. Good luck to them.
We hear much less about the people who have built successful businesses and, rather than selling them, have built strong teams that have taken those businesses on to even greater things.
I’ve written before about having a long-term plan when you get into your fifties, sixties and even seventies - the 100-year plan!
Taking a long view creates space not just for everything you would still like to achieve, but also for what you leave behind - your legacy.
Part of that legacy could, and perhaps should, be supporting and mentoring the next generation, so they can build on your work, learn from your mistakes and take the best of you into the next chapter.
But it’s interesting how many firms talk about succession and how rarely they put it into action. Deloitte’s research in 2024 highlighted that while 61% of top firms have a succession process, 31% either don’t have the people in the pipeline or haven’t had the conversation with the partner about what comes next.
The problem isn't necessarily the absence of a succession process. It’s the gap between having a process and having the conversation.
And that conversation should be a positive one.
Not: When are you going to move on?
But: What would you still like to achieve? How can we help you do that? And how can we work together to transfer your skills, relationships and knowledge to the next generation?
Succession isn’t simply about finding a replacement, either.
It is about bringing together at least two great minds and creating the opportunity to build something even stronger.
Deloitte also make the distinction being succession-ready means going beyond replacing the CEO. It means identifying and developing talent at many levels and creating a robust pipeline of future leaders.
A key person leaving doesn't just create a vacancy.
They may take with them:
client relationships
trust
institutional know-how
technical expertise
reputation
business development capability
the confidence of the people around them
And crucially, much of this is difficult to put into a succession chart or a process.
This is why succession planning should be about much more than replacing someone. It should be about creating another period of growth.
A senior leader who starts transferring relationships, knowledge and responsibility doesn't become less valuable. They become more valuable in a different way.
And perhaps that is one of the greatest forms of legacy. Not simply building something successful. But building something that can become even more successful without you.