It may be useful to agree upon a designated trial period to test the waters
Being in charge is not easy, but neither is handling over the job to someone else. For a determined-yet-inexperienced entrepreneur, bringing in a seasoned pro as CEO can help a company make the transition from being a scrappy start-up to an established and respected leader in its field. Even after you have found the right person to nurture your vision, adjusting to a new role apart from the company helm can be a daunting task. Here are five steps to take in order to ensure a smooth transition.
1. Any initial soul-searching should be accompanied by ample contemplation of long-term goals, needs and strategies. After all, if you cannot articulate your company’s vision, a newcomer will not be able to either.
2. Creating a roadmap will help identify your strengths, so that you can hire someone to handle your weaknesses.
3. Bearing primary responsibility for choosing your own replacement will likely put you, as well as anyone who is up for the job, in an awkward position. So, it is a good idea to have someone independent involved in the process. Having multiple eyes and ears will ensure that all aspects of the company’s needs are addressed and that the search process is not skewed by one person’s perspective.
Allowing others to aid in the vetting process also frees you to concentrate on the intangibles that others might miss. Having that screening process in place allows you to focus on finding someone who shares your vision in your one-on-one interviews.
4. Not even a sterling résumé and ironclad references can assuage the gut feeling that someone just will not click with the rest of the company. If you feel a certain personal attribute is essential to the company’s culture, do not be afraid to say so explicitly when dealing with an executive search firm or other advisor.
5. Examining candidates’ relationships with past employees and authority figures can help identity how their personal traits might tie into their managerial styles. One effective way to do so is to interview their direct reports in three previous positions. You can also ask candidates about their family history and relationships with figures such as college professors to gain insight into their perspectives on authority. People’s self-perceptions are often very different from what others perceive. However, know some boundaries when asking personal questions — even for managerial positions, discriminatory hiring practices (including judging a candidate on marital status, for example) is illegal.
While you should not attempt to cling to your previous duties, designating specific stages for the transition will help the process go more smoothly. For each area, decide whether you should maintain a leading role, retain some influence, or cede all authority. As you identify responsibilities, also brief the new CEO on the company’s progress in those areas.
In some cases, it may be useful to agree upon a designated trial period to test the waters. After the CEO has come on board, check in after the three-and six-month marks to discuss both parties’ progress with the transition and address any operational or management challenges. — Agencies
