Most leaders do not have a suitable successor ready, being groomed, or even identified. In key positions, this represents risk to organizations seeking to not just have a competitive, sustainable organization, but may result in it’s downfall. Unfortunately, when there is a clear and imminent change in leadership taking place (often caused by an unplanned, or unforeseeable event such as death, a sudden departure, etc.), the organization scrambles sometimes resulting in a poor, sub-par selection.
infoQuest specializes in developing potential heir-apparents using scientifically proven assessment tools to determine the right mix of talents, skills and experiences with leadership and value traits to determine the ideal profile. We then filter, vet candidates for succession. Candidates are assessed and customized development programs are created and executed to bring the candidate up to the standard required.
With family-owned businesses where 2nd generation executives are already working in the company, we qualify the 2nd generation leadership in the areas of Commitment, Capability, and Capacity. How committed are they to running the Company? Do they have the capabilities to run the Company well, continuing its growth and profitability? Do the have the capacity in their lives to do what it takes to take on the business owner responsibility? If the answer is no to one or more, then perhaps the succession plan is represented by performing a search for a suitable outside candidate. If yes, a development plan my have to be instituted to insure the competency of the 2nd generation and insure the financial cash flow and value of the business continues to go up and fund the owners’ retirement.