4 Ways to Prepare for Leadership Lapses

What would happen to your company if the CEO or president or any other key leader suddenly wasn’t able to work anymore? Most business owners would argue it’s not that likely and therefore nothing to get worked up about. But a May 2024 Fast Company article by Beth Hollenberg outlined how she had not one but two instances that grievously hampered her ability to lead her company, and what she recommends executives do to anticipate unexpected lapses in leadership. 

The first strike was when her dad died around the time they were launching the company, and the second was a terrible personal injury when the company was up and running. Both instances emphasized that everyone is vulnerable, and anything can happen at any time.  

Here are four tips Hollenberg suggests to ensure you’re prepared if one day your ability to lead your contracting company is hampered.   

1 | Objectively take stock.  

It’s important to simultaneously look at the brutal facts with the faith that you're going to prevail in the end. You must be objective, realistic and ready to address your worst fears. Consider questions such as: “Who's going to take care of our best customers?" or “Who will manage this extremely complex and challenging project if I can’t?” Acknowledge the worst-case scenarios and make contingency plans. 

2 | Balance must-do professional tasks with must-do personal responsibilities.  

Sometimes there's very little overlap, but you must take care of both sides of the work-life equation during your absence. Allotting time and energy to both professional and personal needs improves the well-being of the business and ensures that you feel less overwhelmed upon returning to your regular schedule and responsibilities.  

3 | Enlist a thought partner to develop workarounds.  

In her case, Hollenberg went to the top people in her company for help with brainstorming and problem solving. This is where your peers come in. If you're in a peer group, present your questions to them. When we have a business challenge, that's the first place I go. When you’re part of a peer group, you've got a ready-made network of people vested in your success. 

4 | Finalize your succession plan well before you need it. 

I once worked with a family business where the adult children were encouraging their dad to finally undertake succession planning. He pushed back though, arguing, “We don't need that. Look at how successful we've been without it." But when I posed him the question, “What would you advise your successors to do in the event you were struck by lightning?" He rattled off a reasonably well-thought-out plan. I followed up with another simple question, "If that's what you would advise them to do in a dire emergency, why wait?” That opened the floodgates and allowed the father and his children to move forward with their succession planning.