Q. My company has come a long way since it was founded five years ago and I am now at the point where I think I need to put someone else in charge of the day-to-day. I still have a lot to offer the business in terms of longer term vision, but how do I assess and measure when my input to the implementation of that vision is doing more harm than good? And what should I look for in the person who will run the day-to-day?
 
Mayank Patel of Currencies Direct writes:

I am pleased to hear that your company has come a long way in the last five years. Step change and succession planning are very important parts of taking a business forward. Even thinking about allowing someone else to run your operation is a credit to you in itself. You have created a business that will hopefully stand the test of time and become sustainable. With this in mind, the key element of good practice is to create a business that is always going to be greater than any individual within the company – and that includes its founder.

However, before you hand over the operations of your business to someone else, a central part of your thought process should involve a full understanding and assessment of your current operational structure, system and product knowledge. You have to be certain that a vacuum does not exist in the company.

No doubt you want the best people to work for you. The risk is not of failing to recruit the best, but that the top people do not want to be in your business in the long run. Hence it is worth making sure that your operational/leadership structure brings strong and able leadership throughout the company at every level.

Given the limited resources of most companies, it is vital that the person you select has key traits that clearly show his or her leadership and ability to manage people, to deal with change and understand the overall value of your company’s proposition. Equally important is to make sure he or she is multi-skilled and will take extra responsibilities as well. No job should be too small or too big – they should always be willing to get their hands dirty with everyone else.

I stress that you are still a young company, so your vision remains very important. You are a key driver in taking your business forward. However, it is worth bringing clarity, accountability, responsibility and direction for everyone within the organisation by ensuring that everyone understands the structure of your business. Clearly defined roles for yourself as well as your new recruit are also vital, so that the company avoids mixed signals and does not end up with more than one captain.

Getting it right the first time round is better than having to undo an event, so you should also have a probation period.

Mayank Patel is the chairman and CEO of Currencies Direct, the UK’s leading nonbank provider of international payment services and commercial foreign exchange.

www.currenciesdirect.com