The following article originally appeared in the August newsletter to clients of Kiley Advisors, LLC.  Reprinted with permission.

In this final article on Succession Planning, which we reiterate is THE hallmark of all successful organizations, we want to discuss two things: the critical steps that must occur when there is a change in the CEO role and ownership structure; and the critical relationship between the successor and the succeeded – this is key especially in a CEO change, but also important at all levels.  Space and unequivocal support are the right approaches for the succeeded.

Change of control in the CEO position impacts all major constituencies – employees, clients, building partners and professional partners.  In privately-held and family-held companies, this is almost always a three part process: Succession (selection of the person); Business Continuity (transferring the bonding and banking responsibilities); and Ownership Transfer (sale and purchase of stock, which also can lead to changes in the board structure).  Specialized legal counsel should be involved as many legal documents must be properly executed.  Hopefully, especially at this level, the transition has been well planned, the successor well-mentored and coached, and everyone impacted well-prepared in advance.  The actual occurrence is seamless.  However, sometimes tragedy necessitates this action occurring rapidly.   Read more » about Successors and the Succeeded

The following article originally appeared in the July newsletter to clients of Kiley Advisors, LLC.  Reprinted with permission.

This article continues the discussion of succession planning, reinforcing that it is the hallmark of all successful organizations, and that it is an inherent responsibility of senior leaders to ensure successors are in place for continuity and survival.

Last month we discussed identifying your talent pool, particularly your high-potentials and then assigning coaches and mentors as appropriate.  In this article, we will discuss methods of preparing those selected, in coordination their coaching and mentoring.

The most proven method is to give them experiences that are directly related to the challenges they will face in their next role.   Read more » about Preparing Successors: Experience, Education, Exposure

The following article originally appeared in the June newsletter to clients of Kiley Advisors, LLC.  Reprinted with permission.

Last month, we introduced the subject of succession planning, a topic that will take several articles to cover.  Key points are that succession planning is the hallmark of companies that move to the more respected status of becoming organizations, with foundations that last generations.  In its most comprehensive form, it has three components: Succession Planning (identifying the people), a Business Continuity Plan (bonding and insurance considerations), and Ownership Transfer (sale of stock).  The primary focus of these articles will be the people side, because it is a key part of any leader’s portfolio to create the future leaders for their organization, their division or their individual role.   Read more » about Succession Planning: Talent Inventories, Coaches and Mentors

The following article originally appeared in the May newsletter to clients of Kiley Advisors, LLC.  Reprinted with permission.

Succession planning is a phrase that appears regularly in management literature and as a seminar topic.  It is also the hallmark of companies that want to become true organizations, with foundations solid and deep enough to sustain themselves for generations.  Succession involves many components.  Some are financial (sale of shares); several are legal (contracts, minutes new corporate resolutions), and other actions affect the governance structure (new board members).  These initial areas primarily affect top levels of succession.  But every level of succession planning involves the careful selection and preparation of the successor(s) so that the business and the culture can continue and thrive, and employees can remain comfortable and committed.

Many Houston companies are in the midst of this issue right now – most on an accelerated pace.   Read more » about Succession Planning: The Hallmark of True Organizations