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Transitioning Your Business to Millennials

“When I retire, I plan to…” After all the time daydreaming about retirement, it’s approaching and…WAIT! There’s so much preparation yet to do from both a personal and business perspective.

if you’re a business owner, the succession process can be even more complex. Looking for and/or grooming a successor to effectively run your business and carry on your legacy is not quick or easy process and requires in-depth planning.

Let’s talk about tomorrow’s leaders
Are you a baby boomer? It’s just a guess. Of the millions of existing businesses in Canada, most were founded and are still run by baby boomers on the verge of retirement. Many are unaware of just how much working knowledge they are taking with them.

It seems like only yesterday we started talking about millennials in the workplace. In truth, they are already a major part of our work culture. By 2025, millennials will make up 75% of the global workforce — which means organizations are considering an entirely new challenge: preparing millennials for executive roles. As the next generation of leaders, they need to be integrated seamlessly into the team. Are you equipped to help them do that?

Identify leadership potential within the company
Perhaps you already have young and innovative talent on your team. If so, assess their capabilities of taking on a leadership role and find opportunities to mentor them in order to develop the skills and experience needed to succeed as a leader.

Use them to get up to speed
Generally speaking, millennials are a tolerant, curious, positive, connected and flexible generation. Their up-to-the-minute understanding of innovative solutions, round-the-clock availability, and global engagement will keep your organization ahead of the curve in today’s constantly shifting technological landscape.

Looking forward
Achieving success in business is hard work. After all the sacrifice, risk and commitment, what’s next? How do you secure your business so you can exit and retire on your own terms? Passing the torch can be a difficult step, but when you’ve given tomorrow’s leader the foundation they need to grow your legacy, that same foundation will provide you with a clear path to the future.

This article was originally published in CONNECT Magazine’s Winter 2017 issue.

 



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