by Michael Henning
In addition to the mechanical aspects of succession planning, there are also a number of personal and psychological aspects that weigh into how one makes the decision to step down or aside. Following is an excerpt of an article that reviews a book called The Hero’s Farwell, written by Jeffrey Sonnefeld. The article was provided by Mike Henning of the HenningFamilyBusinessCenter in Effingham, Illinois.
In his book, The Hero’s Farewell, Jeffrey Sonnenfeld describes four departure styles (Monarch, General, Ambassador, and Governor) based upon his extensive research. Monarchsare found to be in love with their stature and power while at the same time frustrated with their accomplishments, knowing they need to do better if they were to immortalize the company in industrial history, they just need a little more time. Monarchs look to shape their companies into their own images, and they do not leave office by their own choice, but by forcible removal by the board, a successor or spousal encouragement. If not forced out, the Monarch will not choose or train a successor, in fact, they undermine their successor in the name of taking the business to new levels of success in turbulent times. More…