Here's our latest update...

With the longer evenings and warmer weather upon us, it's natural to start envisioning what life might look like beyond the day-to-day responsibilities of running and growing your business.?

Last week, BrewDog ’s boss James Watt made headlines when he announced that he was stepping down as CEO and passing the reins to a new leader who will take over and push the business forward into its next phase of growth. He, on the other hand is now "looking forward to?travelling and adventures” and “spending more time with family and loved ones”- jealous much!?

As an entrepreneur?or?founder, it's common to pour your?heart?into building and nurturing your?business, often without considering the transition of leadership for the future. Yet, as highlighted by recent events at Brewdog, thoughtful succession planning is vital for ensuring a business's sustained success beyond its original leadership.

While succession planning may not always be a comfortable topic, it is essential for safeguarding the continuity and prosperity of any business. We've recently explored this subject with our clients and compiled some valuable insights and advice which you can find below. However for now….

Here's a snippet of what we've been up to:

Looking to the Future: Key Ingredients for Effective Succession Planning

In today's dynamic business environment, preparing for the future is essential for sustained growth and success. Succession planning is not just about anticipating leadership transitions; it's about developing a robust strategy to ensure the continuity and advancement of your business long after you've moved on.

In our latest article, our Founder Andrew Silver? explores the critical aspects of effective succession planning, emphasising the importance of identifying and nurturing future leaders within your business.

From recognising capability gaps and implementing personalised development plans to cultivating strong leadership teams and fostering a performance-driven culture, each ingredient plays a crucial role in building a resilient and adaptable business poised for long-term success. Read the full article here> https://360growthpartners.co.uk/news/succession-planning/

Insights from others...

Half of business owners have no exit strategy

– FT Adviser

Recent research from wealth manager Charles Stanley found that shockingly, nearly half of the businesses surveyed (48 per cent) admitted to lacking a concrete exit plan, with an additional 13 per cent not even considering the need for one. This lack of foresight contrasts with the optimism exhibited by many business owners regarding their future prospects. Despite aspirations to step away from their businesses within the next seven years, a significant proportion of owners lack succession plans, with concerns ranging from business failure to uncertainty about future leadership. Read more…

How to plan a successful leadership succession at a start-up??

– McKinsey & Company

When founders decide?it’s time to move on after nurturing their start-up into a successful enterprise, years of hard work can quickly come undone if they don’t plan the leadership transition well. In this article, Steve Melhuish, co-founder and former CEO of PropertyGuru, shares insights into the meticulous transition process undertaken to ensure the success of the company and its new CEO. ?Read more...

Time to reflect

As business leaders, we are often so caught up in the day to day running of the business that carving out time to think about what the future may look like when you take a step back falls down the priority list. However neglecting this crucial aspect can pose significant risks to your business’ long-term sustainability.

So whilst we’ve got you for a minute, we encourage you to ask yourself this:

“What would my business look like without my direct involvement?”

And if you need some help fathoming out the answer then we’re here for you!

In need of some inspiration?

We know ourselves that carving out time to reflect, read or even listen to a podcast can be tricky but if you do find yourself in that glorious position, here's the latest?recommendations from the 360 team:

That's all folks!

If you'd like to see more frequent updates and insights curated by our associates please give us a follow on LinkedIn as we post weekly.

If you know of anyone who you think would benefit from receiving this newsletter too please feel free to forward it on!? We’re passionate about connecting with like minded folk and sharing our insights.???

We hope you've enjoyed taking the time to read our newsletter, we'll be delivering our next update in June but if you'd like to catch up in the meantime please just get in touch!

Thanks,

360 Growth Partners