Boards, especially Boards of Directors, are the de facto employers of leaders under the law and should play an integral role in any transition from several perspectives. Ready4Change has prepared a Board of Directors Mix Matrix to help guide both leaders and their Boards in managing a leadership transition as follows:
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Outgoing Leadership to Board – If possible outgoing leaders should help prepare the board for the transition, giving them timeline goals and any transitional information on fiscal matters, personnel, etc.
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Incoming Leadership to Board – Incoming leaders should be scheduled or should schedule time to get to know the board and discuss on-going projects and strategic plans currently in place.
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Board to Outgoing Leadership – Boards should be prepared to promptly respond to outgoing leaders as needed.
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Board to Incoming Leadership – Boards should be prepared to welcome new leaders, introduce themselves, introduce the mission, values and strategic plans to new leaders and help prepare staff for new leaders.
Fiscal Matters
here are a host of concerns regarding finances that arise during a transition. A variety of leaders identified the following areas as the most essential to focus on to ensure a smooth transition:
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Vendors and due dates – who you owe or will owe money to and when.
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Contracts, contacts and deadlines – who is giving you money, why, how and what do you owe them in exchange.
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Financial position – your profit and loss statement, cash on hand and anticipated income.
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Audits and taxes – the organization’s position with regard to tax payment and/or outside audits.
Stepping onto a brand new path is difficult, but not more difficult than remaining in a situation, which is not nurturing to the whole.
