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:
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.
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.
Board to Outgoing Leadership – Boards should be prepared to promptly respond to outgoing leaders as needed.
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.
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:
Vendors and due dates – who you owe or will owe money to and when.
Contracts, contacts and deadlines – who is giving you money, why, how and what do you owe them in exchange.
Financial position – your profit and loss statement, cash on hand and anticipated income.
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.