Three Traps to Avoid When Choosing a Successor

Q: Many otherwise objective leaders seem to have real difficulty in evaluating their potential successors. From your experience, why does this happen? Can it be avoided?

A: When evaluating our potential successors, we should first look at ourselves. Following are three classic mistakes leaders make when reviewing potential successors. All three can cloud our objectivity and diminish our ability to evaluate successors.

1. Why doesn't she act like me? As a rule successful human beings tend to "over-weight" our own strengths and "under-weight" our own weaknesses when evaluating others. The more successful we become, the more we can fall into the "superstition trap", which, simple stated, is, "I behave this way. I am a successful leader. Therefore, I must be a successful leader because I behave this way."

All successful leaders are successful because of many positive qualities and in spite of some behavior that needs improvement.

As a leader, take a hard look at your own strengths and challenges. Realize that you will have a natural tendency to forgive even large errors that resemble your weaknesses and to punish even small flaws that occur in your area of strength.

After making a list of your strengths and challenges, list the strengths and challenges of your potential successor. As hard as it may be, try to think like an objective outsider. Challenge yourself to recognize that the behavior that you feel is most important for the company may really be the behavior that is most important for you.

2. What doesn't he think like me? It is hard for successful leaders not to believe that their strategic thinking is the right strategic thinking. As you proceed in the succession process, you are going to have to let go. It can be very hard to watch your successor make decisions that are different than yours. It is especially tough since, as long as you are still the leader, you have the power to reverse the decisions.

Your successor is going to manage your organization in the future - not you. As hard as it may be, you have to let him or her begin to make a bigger and bigger difference in developing strategy.

As long as the organization will be headed in a positive general direction - and achieving results - try to recognize that your successor's different path may actually turn out to be a better path.

3. Why doesn't she respect and appreciate my friends? We all tend to over-value input from people that we personally like and respect and under-value people that we don't love as much. Face the fact that your successor may have different personal preferences than you. Your trusted advisors may not be hers.

Invariably when transition occurs, some of your friends may lose status or power and may end up leaving the company. This can be tough -- both for them and for you.

Respect your successor enough to let her choose her own key advisers.

Life is good.

Marshall

Every two years there is a global survey to determine the world’s top 50 business thinkers. In 2009 Marshall's friend the late CK Prahalad was ranked #1 and Marshall was ranked #14. To participate in the 2011 Thinkers 50, visit http://www.thinkers50.com/vote.

My newest book, MOJO, is a New York Times (advice), Wall Street Journal (business), USAToday (money) and Publisher's Weekly (non-fiction) best seller. It is now available online and at major bookstores.

http://www.MarshallGoldsmithLibrary.com

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8 Business-Travel Tips

Q: I read that you have flown millions of miles. I don't see how you do it. Do you have any suggestions for making air transportation less painful?

A: In my work, I spend a lot of time on the road. In the past four weeks, I have made separate trips to Abu Dhabi, Zurich, and London - along with many stops in the U.S. On American Airlines alone I have logged over 9.5 million frequent flyer miles.
Lots of people have asked me, "How do you do it?"

Here are some of my suggestions:

o Pack light. (This is easier for me than most humans, since I wear a green Polo shirt and Khaki pants almost every day.) Take what you need. Don't give yourself options. Make a decision on what you are going to wear - and just wear that. Use the hotel laundry. If you are staying for more than one day, they can clean your clothes. You probably won't have to have a unique outfit every day.

o Don't book the last flight. Things happen. Whenever you can, give yourself a back-up option.

o Get to the airport with time to spare. Given today's security precautions, last minute arrivals can be a disaster. I have seen many late passengers trying to jump ahead of everyone in line - and get angry with the security people for doing their jobs. Life is short. Don't do this to yourself and other people at the airport.

o If at all possible, don't check your bags. If I checked my bags on every trip, hundreds of hours of my life would be spent standing by conveyor belts. This doesn't even factor in the extreme hassle and aggravation that comes when your bags are lost or misplaced.

o Eat before you get on the plane. I have heard hundreds of passengers sitting next to me grumble about how bad airplane food is. You don't have to eat it. While some components of air travel have gotten worse, others have improved. The quality of food and quantity of options at major airports is exponentially better today than it was thirty years ago - when I started flying. If you don't have a chance to eat before you leave for the airport, you can still eat before you get on the plane.

o Don't drink alcohol on the plane. The only time that I ever drink when flying is when I have two glasses of wine before an overnight flight. If you are not going to sleep immediately, drinking does more harm than good.

o Learn to sleep on the plane. I have a unique approach, which works for me. I put on a blind-fold, put the blanket over my head - then go to sleep. I often speak in front of large groups. I have to think about my voice. Having the blanket over my head holds in my body moisture and helps prevent the dry throat problem that occurs when we sleep on a long flight. Another benefit - when you have a blanket over your head - no one talks to you.

o To help conquer jet lag, forget about where you have been - and be where you are. As soon as you board the plane, set you watch to the time zone where you are headed. Never say, "Do you realize what time it is where I began this journey?" This type of thinking just screws up your mind and makes things worse. If you are in Bangalore and it is 10pm, say to yourself, "I am in Bangalore and it is 10pm."

As much as we complain about the air transportation, I am amazed at how well the system works. In my thirty years of being a "road warrior", I have only missed on client meeting because of travel issues (a blizzard in Chicago).

Life is good.

Marshall

Every two years there is a global survey to determine the world’s top 50 business thinkers. In 2009 Marshall's friend the late CK Prahalad was ranked #1 and Marshall was ranked #14. To participate in the 2011 Thinkers 50, visit http://www.thinkers50.com/vote.

My newest book, MOJO, is a New York Times (advice), Wall Street Journal (business), USAToday (money) and Publisher's Weekly (non-fiction) best seller. It is now available online and at major bookstores.

http://www.MarshallGoldsmithLibrary.com

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http://www.LeadingNews.org

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Had a Tough Year? Make Peace and Move On

My bank has lost billions of dollars because of bad investments - which I didn't make. Now I am facing budget cutbacks, getting no bonus, reducing my staff, and being expected to contribute more. This really makes me angry! Any suggestions?

If it is true that "misery loves company," you have a lot of company. In my work in the financial services world this year, I hear your frustration - and your question - over and over again.

In one bank that I know well almost every part of the business had a great year - except the division that lost billions of dollars and negated all of the other divisions' success. This made life very tough for the employees in the successful divisions.

One of the most common characteristics of successful people is that we have a very strong "internal locus of control." In other words, we believe that our success in life is a function of the motivation and ability that we bring to the world. Less successful people tend to see success as a function of external factors - or the environment.
Normally this belief in our control over our own destiny works in our favor. It makes us motivated and encourages us to build our skills. It helps us take responsibility. (It also keeps us from wasting money on lottery tickets!)

When negative environmental factors impact our success, our strong internal locus of control makes it hard for us to accept the reality of the external environment. We begin to get angry because "It isn't fair," and we ask questions like, "Why am I being punished - for their mistakes?"

I cannot help your company get back the billions of dollars it just lost. I cannot help you get a bonus or save your valued staff members. I will try to help you make the best of the situation that you face. My suggestions are:

- If you choose to stay with the company, realize that we all make mistakes. The individuals who made bad decisions - or their bosses - are just humans. They aren't Gods. Historically, these people have made some very good bets. Recently they made some very bad bets. You don't have to love them, but just accept them for being who they are. Carrying around anger directed toward your fellow employees does not help you, your company or the people who work with you.

- Forgive yourself. You are an adult. You chose to work with this company. In a way, you made a bet. Sometimes our choices don't work out as we had planned. This does not make you a bad person - just a human being. At a deeper level, the person you are really mad at may be yourself. Don't be personally ashamed because your company has lost money. While you can own your own performance, you can't own the performance of people that you do not control.

- Reassess the situation. One of greatest challenges for investors is to learn the meaning of "sunk cost." What's done is done. Let it go. Objectively reconsider your situation. Given the world that exists today, do you want to stay? If so, make the best of where you are. Do you want to leave? If so, begin searching for another job.

- Remember your deeper mission in life. Behave in a way that optimizes benefit for yourself and the people that you love. Don't cut off your nose to spite your face by letting your anger override your logic. I have seen many otherwise smart people make stupid decisions when they were angry. Don't let this happen to you.

I hope that these suggestions are helpful.

Life is good.

Marshall

Every two years there is a global survey to determine the world’s top 50 business thinkers. In 2009 Marshall's friend the late CK Prahalad was ranked #1 and Marshall was ranked #14. To participate in the 2011 Thinkers 50, visit http://www.thinkers50.com/vote.

My newest book, MOJO, is a New York Times (advice), Wall Street Journal (business), USAToday (money) and Publisher's Weekly (non-fiction) best seller. It is now available online and at major bookstores.

http://www.MarshallGoldsmithLibrary.com

#MOJOtweet

http://www.LeadingNews.org

http://www.MarshallGoldsmithFeedForward.com

Marshall's Upcoming Schedule

Advice for the Acquired

Q: Our company is about to be acquired. My friends have warned me that this can spell trouble. Do you have suggestions for professionals in acquired companies?

A: The standard PR hype that goes with an acquisition sounds something like this, "We are so impressed with management and the direction of the company that we are acquiring that we have no interest in changing them. In fact, we believe that we can learn a lot from all they have done right."

While the acquiring company may actually believe this message at the time of the acquisition - this love- fest seldom lasts beyond a few quarters.

There is one seemingly obvious fact that an amazing number of employees in acquired companies never get:

THEY OWN YOU!

o As soon as your company is acquired forget about "us" and "them." You are now part of "them" - the old "us" no longer exists. They can do whatever they want to do. Once you make peace with this fact, your life will be a lot easier. (If your old company's management didn't want to transfer ownership to the new owners - they shouldn't have cashed the checks and deposited the money.)

o Accept the fact that you are now working for a different company. Don't make assumptions about the future based upon your history with the old company. Realize that - as a professional - you may well be starting over. Learn what matters most to your new executives and new board.

o Look for the positives in the company that acquired yours. Face it, if you were so brilliant - and they were so stupid, how could the stupid they have acquired enough money to buy the brilliant you?

o Read the tea leaves. If it looks like you are going to have no future, because the acquisition will lead to "right-sizing" in your function, start looking for another job. Realize that the acquiring company may well have more loyalty to their previous employees than to you.

o Revisit how you are working. This acquisition may well bring resources that your previous company did not have. Consider how these resources can be leveraged to help you make a larger contribution than you have made in the past. Take advantage of these new resources to better serve your customers and stakeholders.

I hope that these suggestions are helpful to any readers in companies that have been - or are about to be - acquired.

Life is good.

Marshall

Every two years there is a global survey to determine the world’s top 50 business thinkers. In 2009 Marshall's friend the late CK Prahalad was ranked #1 and Marshall was ranked #14. To participate in the 2011 Thinkers 50, visit http://www.thinkers50.com/vote.

My newest book, MOJO, is a New York Times (advice), Wall Street Journal (business), USAToday (money) and Publisher's Weekly (non-fiction) best seller. It is now available online and at major bookstores.

http://www.MarshallGoldsmithLibrary.com

#MOJOtweet

http://www.LeadingNews.org

http://www.MarshallGoldsmithFeedForward.com

Marshall's Upcoming Schedule

Change the Way You Define Yourself

Q: Sometimes I think that my biggest enemy is me. Why do we say and do things that limit our own success?

A: We all have a list of characteristics and behaviors that we use to define who we are. For successful people, most of these characteristics can be described by very positive words, such as: "intelligent," "dedicated," "results oriented," or "winner." Almost all of us have a few negative terms that are part of our self-definition. Common negative self-descriptions that I hear from executives are: "stubborn," "opinionated," or "I always have to be right."

One of the greatest challenges that we face, when we try to improve ourselves - as leaders, partners, friends or family members - is the challenge of changing the way we define ourselves. I must have heard this phrase a thousand times, "That's just the way I am." As long as we keep saying "That's just the way I am" to ourselves we increase the probabilities that "That's just the way I am always going to be."

I believe that (with very rare exceptions) we can all change our behavior. By definition, the only behaviors that we cannot changes are either shaped by genetic preconditions (we are born that way) or environmental factors (external forces that prohibit us from changing).

When I hear someone make a remark like, "I can't listen. I have never been able to listen. That's just the way I am." I ask, "Do you any incurable genetic defects that are prohibiting you from being a good listener," or "Is the rest of the world conspiring to keep you from being a good listener." If the answers to these two questions are "no" and "no," I then go on to say "Then I guess you can change and become a good listener."

Here is a quick exercise that may help you determine how your own self-definitions are propelling you to success - or inhibiting you from positive change. Make two lists of the adjectives that you would use to define yourself: positive and negative. Review the words on each list. How have the positive words helped you to become successful? How have the negative words held you back? Ask yourself, "Is there any genetic or environmental reason that I have to demonstrate the behaviors on the negative side of the page?" If the answer is "no" - you can get better.

In our society we talk about the harmful impact that we can have when we stereotype others in a negative way. What we often fail to consider is the harmful impact that we can have when we stereotype ourselves in a negative way.

I always love to hear from readers. Please send any examples of cases where you have stereotyped yourself - or seen others stereotype themselves - in ways that inhibited change.

Life is good.

Marshall

Every two years there is a global survey to determine the world’s top 50 business thinkers. In 2009 Marshall's friend the late CK Prahalad was ranked #1 and Marshall was ranked #14. To participate in the 2011 Thinkers 50, visit http://www.thinkers50.com/vote.

My newest book, MOJO, is a New York Times (advice), Wall Street Journal (business), USAToday (money) and Publisher's Weekly (non-fiction) best seller. It is now available online and at major bookstores.

http://www.MarshallGoldsmithLibrary.com

#MOJOtweet

http://www.LeadingNews.org

http://www.MarshallGoldsmithFeedForward.com

Marshall's Upcoming Schedule