As a leader, how will your legacy measure up?
Your leadership legacy matters. It motivates people in the way they think and behave, today, and in the future. A lasting legacy sets a course: it adds value, creates positive meaning, and empowers others to carry on—with or without you.
Thousands of entrepreneurs have taken early retirement over the last year, many without a clear succession plan. Some of the vacancies have been temporarily filled by former employees or next-generation relatives, while others remain open.
History reveals it is not uncommon for crisis to create or accelerate significant changes at the top. During the 2008-2009 financial crisis, more than 2,000 CEOs of publicly-traded companies were replaced, according to Challenger, Gray & Christmas.
Creating a lasting legacy is no easy feat. Those who succeed develop other executives: they understand what it takes for a successful leader to develop the capabilities to take a complex organization into the future, even in times of uncertainty.
In Summary
Your legacy is how people think and feel about you when you leave the room—today, and tomorrow. Here are tips to create a legacy that endures.
This is a brief synopsis of a 1,170-word article and 4-Article Nuggets*, suitable for consultants’ newsletters for executives and leaders in organizations. It is available for purchase with full reprint rights, which means you may put your name on it and use it in your newsletters, blogs or other marketing materials. You may also modify it and add your personal experiences and perspectives.
The complete article includes these important concepts:
- The Makings of a great legacy
- Succession planning in large organizations
- Succession planning in small businesses
- Develop your future leaders
- Build a legacy model
And references to the following sources:
Yo-Jud Cheng , Boris Groysberg, and Paul Healy, “Your CEO Succession Plan Can’t Wait,” Harvard Business Review (May 2020)
Dan Ciampa, “Should a Crisis Change Your CEO Succession Plan?,” Harvard Business Review (April 2020)
Will Tabor and James Vardaman, “The Key to Successful Succession Planning for Family Businesses,” Harvard Business Review (May 2020)
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- A Legacy that Endures – 1,170-word Article, $57
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*Article Nuggets: The same article broken up into 3-5 blog-style sections suitable for a series of blog posts or shorter newsletter articles.