As you consider your business succession planning, I hope you will remember Peter’s example.
Ten years ago, Peter stepped into the role of CEO at a company teetering on the brink of collapse. A failed merger attempt had left the business technically in default, with hope all but extinguished.
Today, a decade after taking the helm, Peter is celebrated as a visionary leader. His company isn’t just profitable; it’s making a significant impact, blessing its community, and expanding its purpose.
Peter was no ordinary leader - he was a visionary who understood that survival required a laser focus. If you ask him, he will tell you his job boils down to two critical elements: Culture and Economics.
Culture & Economics
Peter’s focus amounts to the impact of steps two and three of my Succession Planning For Impact method:
Define Your Impact
Define Your Niche
Define Your Niche - Culture
Peter’s first order of business was to address the fundamental questions that form the core of step 3 in the Succession Planning for Impact method:
If we fail, who cares? Why would that be bad?
What would the consequences be?
These questions aren’t just rhetorical exercises. They’re powerful tools for clarifying purpose and galvanizing a team around a shared mission. Operating your business with the singular value of making money will leave you empty, but leveraging this money-making power for the benefit of others releases a significant purpose beyond profit.
By answering these questions, Peter was able to articulate the company’s unique value proposition and its importance to stakeholders, employees, and the broader community. This clarity of purpose became the foundation for everything that followed.
Define Your Niche: Economics
With a clear understanding of the company’s impact, Peter turned his attention to economics - specifically, defining the company’s niche. He asked the critical question: “What can we do better than anyone else in the marketplace and be rewarded for it?”
This focus on identifying and leveraging the company’s unique strengths aligns perfectly with step 4 of the Succession Planning for Impact method. It’s about more than just finding a profitable market segment; it’s about understanding where your company can truly excel and make a difference.
The Power of Culture and Economics
Peter’s story illustrates the importance of a CEO’s dual focus on culture and economics.
Culture, as represented by the company’s defined impact and shared purpose, provides the ‘why’ that motivates and aligns the entire organization. It’s the foundation upon which everything else is built.
Economics, embodied in the company’s well-defined niche, provides the ‘how’ - the practical means by which the company can sustainably pursue its purpose and make a profit.
Lessons for Succession Planning
Peter’s journey offers valuable insights for succession planning:
The importance of clearly defining your company’s impact cannot be overstated. It’s the compass that guides all other decisions.
Economic viability, found through identifying and leveraging your unique niche, is crucial for long-term sustainability and impact.
A CEO’s primary job is to nurture these two elements - culture and economics - ensuring they remain in harmony and continue to evolve as the company grows.
As you consider your own succession planning journey, remember Peter’s example.
Ask yourself: Have we clearly defined our impact? Do we understand our unique niche? Are we nurturing a culture and economic model that will outlast any individual leader?
You got this!
Harry T. Jones
P.S. As Peter’s story illustrates, the journey from survival to thriving is possible with the right focus and guidance. If you want to secure your own business legacy, consider joining our Succession Planning For Impact Mastermind.
In this exclusive group, you’ll:
Engage in strategic conversations guided by the seven steps of the Succession Planning for Impact method
Learn from peers facing similar challenges
Receive expert guidance to help you define your impact and niche
Develop a clear succession plan that ensures your business continues to thrive for generations
Ready to start your journey towards a lasting business legacy? Email me at harryt@cultivatingimpact.biz and lets talk.
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