Succession: What Not to Do When You Decide It's Time to Step Aside
What Not to Do When You Decide It's Time to Step Aside
After serving as CEO of Salt Lake City—based retailer Backcountry.com for 14 years, Jim Holland, the co-founder, handed over control of the business in 2011 to a successor, longtime employee Jill Layfield.
1. Don't assume that it's a matter of finding another you.
I am still plugged in and own a significant piece of the company, but I encourage Jill to think for herself. Because my experience s relevant and valued, Jill regularly asks what I think, but I usually pass it back to her to make the call.
2. Don't underestimate the talent under your nose.
Often, people get wowed by the shiny resumes of rock-star outside candidates. As a result, they fail to see the value of the people they have. Because you know your own people so well, you might focus too much on their faults. But the reality is, everyone has faults—and there's only so much you can learn about an outside candidate in a couple of interviews.