Succession: Are You Ready? Coaching Your Successor Dr. Marshall Goldsmith Marshall@MarshallGoldsmith.com www.MarshallGoldsmith.com

Goals Discuss key challenges in leadership succession. Learn a coaching model that you can use to build the next generation of leaders. Discuss new applications of peer coaching. Participate in a mini-case role play to reinforce previous learnings.

Leadership succession Passing the baton Why it is hard for leaders to let go Balancing three issues: Running the function Developing your successor Creating a great ‘new life’

Slowing down for the handoff The human drama of succession The relay race ‘Stopping’ may not be an option Be a happy ‘lame duck’

‘Letting go’ is hard to do Perquisites Status Power Relationships Happiness Meaning Contribution

Creating a great ‘rest of your life’ Meaning – the results Happiness – the process Surviving (LH-LM) Sacrificing (LH-HM) Stimulating (HH-LM) Succeeding (HH-HM)

Finding another team (or teams) Be open to differing options Get real offers

Choosing your successor Internal or external Environmental factors Key stakeholders - Your peers - Your direct reports - Internal customers - Upper management

A proven model for leadership development ASK LISTEN THINK THANK RESPOND INVOLVE CHANGE FOLLOW-UP

When behavioral coaching will not work The person doesn’t want to change “Written-off” by the company Lacks business or technical knowledge Wrong strategy or direction Integrity or ethics violations Person in wrong job - company

Coaching your successor Determine key stakeholders Recruit key stakeholders to be part of the coaching process - Open minded – not stereotyping - Future – not past - Supportive – not cynical - Truth – not ‘sugar coating’ - Mutual improvement – not finger pointing

Coaching your successor Collect feedback. Analyze results. Have your successor respond to key stakeholders. Provide ongoing suggestions. Follow-up. Measure change.