As I was researching this analogy of leadership-as-bull-riding, I was delighted to find another author who had also used the same analogy, but for investing1. Think of the parallels to leadership as you read this quote from Vineer Bhansali:
Plan now for the dismount: Finally, it is important to not get “married” to the bull. In bull-riding, once the eight seconds are up, there is no glory in staying on the bull… There will be other bulls to ride. If nothing else, one should have an “exit strategy” in mind before mounting the bull.
In this series, I’m going to borrow Bhansali’s points to frame out a few of my own points about leadership succession planning. I’m mostly thinking of a first chair leader, but you can make the adjustments to other situations.
Plan your exit strategy beforehand
I’ll admit it’s a challenge to ask a newly-appointed leader—whose attention is more likely focused on what he want to accomplish in their first 100 days—to think about his dismount before day one. Here are three ways to apply exit strategy planning.
1. Articulate a best case road map
Employment contracts force us to consider the end game, articulating parameters and clauses for the eventuality of an exit. They should spell out how the leader would initiate an exit plan, and what steps will then kick into place. And how the board would initiate, and what happens then. A contract is the minimum, a starting point designed for protection of organizational assets and individuals. A deeper step might be a contingency plan that fleshes out scenarios for each of the various circumstances where a successor would be needed.
I’m urging going beyond protection and contingencies to considering a best case scenario for how you and the organization want to walk away from your time together. How can both end up with wins, even if the circumstances aren’t the best? Most leaders don’t ask these questions early enough to make a difference in how they set up and carry out their role.
Lacking clearly-articulated expectations requires negotiation late in the game, which can create unnecessary pain and challenge. I know it doesn’t need to be said, but you have much better negotiating power before you take the position, not afterward.
2. Actively engage in ongoing succession planning
In a previous role in leadership development, I encouraged every leader to keep a chart naming:
- at least one immediate successor
- the most likely candidate(s) to be ready in the next two years, and
- any long shots who need to be on their radar.
Then for the two most obvious candidates, track whether they are in a position that prepares them for the role, and an action step for their development. Ideally, on an annual basis, consider whether those two have taken a development step of some kind and design the next step you could help them take.
Throughout my role as president, I maintained my own confidential succession plan with potential replacements. I gave regular updates to the board, including a list of my most likely successors, using as a framework the classic article from Eichinger and Peters2 that draws your attention to “seven CEOs working for your organization today”—everyone from the 50-year-old most-logical CEO-in-waiting to the 35-year-old rising star to the 18-year-old high-potential intern. I also tracked along with the development of a number of these candidates, encouraging and even intervening in their development. With a couple, I had direct conversations to encourage very specific development and share openly about my own plans.
Keep in mind that a succession plan needs to be a living document, regularly updated. It’s far too easy to rest in your plans only to discover when you need it that it’s out of date: leaders are no longer available, you’ve lost confidence in one, or your view too optimistic and none are ready. Remember that, in a number of scenarios, carrying out the succession plan will be managed by someone other than you. Therefore it needs to be accessible and understandable by those who might be implementing it. Of course, those scenarios also mean you won’t be the one to make the decisions, and the one who does may go in a completely different direction. Your goal in succession planning is to intentionally invest in your preferred candidates so they are ready and so attractive that they will stand out among the options.
3. Develop a rhythm that asks the question
You need a rhythm that sparks the necessary conversation that will air out assumptions and plans. It could be as rigorous as formalizing 3- or 4-year terms for your position, or as simple as a calendared conversation. Without that, the onus is on one party or the other to initiate the conversation, and there’s a tendency for each side to set the bar high for a circumstance weighty enough to end the status quo.
A well-designed plan, with early negotiations, a constant updating of the succession landscape, and scheduled conversations, will allow a leader to dismount in a way that minimizes injury and ensures a smooth transition to whatever’s next for both parties. Seamless exits and handovers start before mounting the bull.
My final thought is that both sides need to show a lot of grace. No amount of planning will remove all potential for injury in a process as fraught as this one. But none of these injuries should be fatal; time will heal minor wounds, allowing both bull and bull rider to move forward with genuine respect, admiration and a desire for the best case for both.
References:
- How To Ride A Bucking Bull: Stay Calm And Hang On…For Now, article by Vineer Bhansali, Forbes, Sep 19, 2018
- There are seven CEOs working for your organization today—do you know who they are and do you know what to do?, article by Robert W. Eichinger and James Peters, 2005. (It doesn’t seem to be online anymore, but I can send it to you if you’re interested.)
Leadership as bull riding series:
- Leadership as bull riding
- The only way to get off a bull
- Plan your dismount beforehand
- Don’t get married

