It’s good news and bad for every business founder: your business has grown. Dramatically.
Following this news may be the realization that you’re no longer the best person to run the business anymore. It’s bittersweet, but exciting. Like the student whose skill has excelled beyond their teacher’s, your business is ready for a new mentor.
You now have the chance to create something even better, bigger — if you can get out of your own way and put it in the right hands.
When transition time comes, don’t just look for another “you.” Take yourself — your roles, skills and attributes — apart and look for candidates with those strengths. You may not find them all in one person. In fact, it may take multiple people to replace you. That’s OK. Plan to develop a C-suite, not just a CEO, and you’ll build a team that can go farther, faster than you ever could alone.
Find leaders you trust, and when it’s time to pass the baton, consider passing to a whole relay team, not just the next person in line.