As an entrepreneur, it is important to know when you may be a detriment to your company's further success. It is always difficult to hand over the reigns of your company to someone else. Here are three things you can do to make the transition easier:
1. Find a successor that you trust implicitly
It becomes much easier to hand over the reigns to your company when you have selected someone whom you trust. This does not mean that they make all of the same decisions that you would make, but it means that you are confident that this person is qualified and has the best interests of the company, and its employees and business partners in mind.
2. Find a new passion
Find something new that you are passionate about and throw your energy into it. This will help ease the transition because you will be focusing on something you love doing. This could include starting a new business venture or dedicating more time to philanthropy or spending more time with kids and grandkids.
3. Become an expert in delivering vision and strategy
You are still the founder of the company and have a unique perspective that you can provide. Be available for the new leaders and the company’s employees. Provide vision and strategy. Ensure that you remain out of the daily operations of the company and provide value in other ways.