As an industry, we've lost some of our brightest stars recently and are on the verge of losing more. Some were visionaries who changed the way we do business. Plenty of them were simple, hardworking folks who everyday brought their best efforts and insights to their business and ours. There were others still who brought out the best in the people around them, through their mentoring, teaching and caring. And of course, there have always been plenty of people who were simply great and generous friends to guide and inspire us.
But what happens next? You have only to look at population trends and the number of baby boomers entering retirement to see a potential threat. What happens as the millions upon millions of baby boomers begin to retire? And I'm not talking just about the flooring industry, but also America at large.
Fortunately, in our industry, we've got a whole generation of people coming up through the ranks who will one day have their own chance to lead. I see it wherever I travel, organizations are preparing, educating and training. In short, they're grooming their own people to step up to face the demands of the future of the business.
That is no small thing. For large corporations, it means identifying the next level of leadership and giving them ever-increasing responsibilities.
For smaller, family-run businesses, it's often a matter of whether or not the next generation is ready. Are they old enough? Are they educated enough? Do they want to participate in the family business? Are they capable of running the family business? In the meantime, what decisions and challenges need to be met with today in order to ensure tomorrow's future?
These are all decisions that succession planners will tell you that you must look at carefully regardless of what your next step is. It's no secret why succession planning is such a hot topic of conversation, whether at industry events or throughout industry training classes.
Are you thinking about the future of your business?