As important you think you are, not understanding when to replace yourself will keep your company small. Organizations that scale for decades understand the art of the replacement game. Patrick Bet-David knows firsthand, the more the founder and CEO matters, the less the company is worth.
Everything that grows must be eventually replaced from grandparents and parents by their children to CEOs being replaced by new CEOs. Just look at Steve Jobs, after he passed away and was replaced as CEO, Apple became a trillion-dollar company. It’s a cycle. So here are six things to look out for when replacing yourself in your business.
6 Things to Think About When Replacing Yourself in Your Business
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List Your Tasks and Skills
- Make a list of all your tasks and skills and determine which ones you are the best at and which ones you are not. Focus on the areas that are your strengths and replace yourself on all the other tasks.
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Know Who’s Seasonal and Who’s Not
- You can’t assume everybody is going to work for you forever. You need to identify who is there to fill a six-year role and a six-month role. If you time it now you won’t be surprised when someone needs to be replaced.
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Differences Between Sales Leaders and Employees
- While the previous point was about the Home Office staff, Sales are different. A great sales leader is always replacing themselves by replicated themselves with new sales leaders. They could last twenty or thirty years.
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Know Who can Maintain Culture
- It is very important that who replaces you, has to fit the culture you established in order to continue growing the business after you leave.
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Know Your Practices and Procedures
- You need to put pen to paper and write down every practice and procedure each department has. Replacements will then have a manual to follow, regardless of level, making the whole thing quick and painless.
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Develop Leaders to Help Spread Mindset
- Have those one-on-one conversations with your future leaders to inject the company’s mindset into them now before they need to replace someone. Having that mindset of leadership development will also increase the value of your company.
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Founded in 2012 by Patrick Bet-David, our goal is to impact entrepreneurs around the world through value and entertainment. We are the #1 channel for entrepreneurs because of the best interviews, best how to videos, best case studies and because we defend capitalism and educate entrepreneurs.
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