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Dear Oaklyn Consulting,
I started a nonprofit 8 years ago after my son passed so that I could create an impact while honoring him. We’ve been able to grow and help thousands of individuals. I am getting to the point of retirement and want to figure out a way to keep the nonprofit going, while being able to step away from running it. How do I put together a seamless transition plan so that we can continue to make a positive impact for the foreseeable future?
From Oaklyn Consulting
We’re sure your son would be deeply honored by the important work you’ve done since his passing. Your question does bring up an overlooked point about nonprofits: While the missions of organizations like yours may be charitable in nature, they still function similarly to for-profit businesses and encounter similar milestones during their life cycles.
Just like other entrepreneurs, social entrepreneurs eventually need to make succession plans so their organizations can continue beyond their own personal careers. The first step in doing that is to evaluate the options available.
If you want your organization to keep pursuing its mission, who do you picture leading it after you retire? It could be a new employee you hire for that purpose, or an existing employee you promote and train. Alternatively, you could acquire a talented leader’s business and add that person to your team, or you could merge your organization with another one.
A leader should consider the pros and cons of each of these paths before choosing one. At Oaklyn Consulting, we work as consultants when succession involves a merger with another business, and we work alongside HR consultants and search firms to help clients evaluate their strategic alternatives.
