The Road to Succession – what you and your EO business need to know
How organised are you when it comes to succession planning? If you’re a founder/owner who has chosen to transition your business to EO or an MD picking up the reins, a new report by the Employee Ownership Association is an essential read for you.
‘The Road to Succession: Exploring Leadership Succession in EO businesses’ spotlights what works – and what doesn’t. It also reveals the common steps that lead businesses to a successful transition to employee ownership.
Understanding the journey
JGA was delighted to collaborate with Telos Partners to support ‘The Road to Succession’ by carrying out the separate interviews with founders and successors on which the report is based.
In all, our team and Telos spoke confidentially and in depth with founders and leaders from 25 employee-owned businesses (all EOA members) on behalf of the EOA.
Our focus was clear: to discover the common themes that apply to a successful transition of leadership, when the ownership of the business is in transition too.
How is this different in an EO business? What does it look/feel like through the founder’s and successor’s eyes? All vitally important to understand when so much is at stake for all involved – from the founder/owner and leaders to the wider business, customers and employees.
Learning from experienced hands
So what’s in the report? In short, practical insight and guidance for those planning, or undergoing, leadership succession in their own EO business.
This includes top tips from founders and MDs with lived experience of the journey, ranging from getting started early and setting a realistic timeline to not being ‘afraid’ to ask for support.
‘The journey of leadership succession in an EO business is filled with unique advantages, opportunities and challenges,’ says the EOA’s James de le Vigne. ‘Whether you are a founder, successor, employee owner, customer or supplier to an EO business, this report will help you address the questions and uncertainties that [can] arise.’
Equipping your successors to succeed
Our MD Jeremy Gadd agrees. ‘This has been an interesting project for the JGA team to be involved in, and we’ve enjoyed helping to pull the report together with the team at Telos Partners.’ he says.
‘Having supported many businesses to navigate the challenges of EO, it was a privilege to take time out, sit down and listen to their stories… I thank [all those who took part] for the honesty they brought to each of the conversations we had’
Jeremy Gadd, JGA’s founder and MD
‘Having supported many businesses to navigate the challenges of EO, it was a privilege to take time out, sit down and listen to their stories of success and shortfall. I thank all the founders and successors who took part for the honesty they brought to each of the conversations we had.’
And what about the result of all those conversations? Jeremy is impressed, describing the output of the ‘Road to Succession’ project as ‘invaluable’.
‘It highlights routes to success, mapping out potential sources of support to help others achieve positive outcomes,’ he explains. ‘I’d recommend this report to any founder or MD who’s leading an employee-owned business today.’
Want to know more?
One of the themes to emerge from ‘The Road to Succession’ is that a successful succession comes at the end of a long road.
However, learning from those who have done it is one way to give your leadership successors the best possible start on the journey – and equip them to navigate the challenges that will arise. To find out more and get your copy, follow the links below.
Download the EOA’s ‘Road to Succession’ report here.
To find out how JGA can support your EO business’s succession planning with our transition, people and governance services, get in touch.