If you haven’t seen Adam Sandler’sBilly Madison yet, you’re really missing out. The classic comedy focuses on protagonist Billy Madison’s return to elementary, middle, and high school after learning his father wants him to take over the Madison Hotels empire. Granted, Billy’s second chance at an education provides more than a few comedic opportunities, but it also reveals several lessons in succession planning.
Choose viable successors.
As a wealthy businessman, Brian Madison, Billy’s father and magnate of Madison Hotels, really should not have selected Billy as his successor. Billy’s carefree approach to life, his inability to function at formal events, like a business dinner with his father, and his disinterest in anything considered “serious” do not mark him as an ideal candidate for a CEO position. One of the most common errors that businesses make is that they do not plan far enough in advance. Perhaps, if Brian had informed Billy of his future position earlier, then Billy may have taken his schooling and his career more seriously. Identifying viable successors, especially those vying for upper management positions, should begin years before any vacancies even appear. Take note of employees who demonstrate leadership qualities, like determination, confidence, and the ability to delegate. Develop the individuals that you identify, and mentor them personally and professionally.
Hold your executive team accountable.
Eric Gordon, the main antagonist in Billy Madison and the executive vice president of Madison Hotels, went to great lengths to undermine Billy’s educational journey and Brian’s decision making. From blackmailing Billy’s principal, Max, with his alter ego the Revolting Blob to disrespecting Brian after receiving the CEO position (which he later loses when Billy’s former classmate, Danny McGrath, shoots him in the butt), Eric goes to great lengths to disrupt Brian Madison’s succession plan. If Brian had held his executive accountable, then he could have avoided Eric’s duplicity. When creating a succession plan, be sure to consult your executive team. Decide if selling your business is an option if no suitable successor is found. Confer with them to choose key factors when selecting possible successors. Then, once you have collaborated with your executive team, ensure they embody the same standards that you hope your talent will demonstrate. Making sure that your executive team leads by example will encourage the identified talent to express these qualities.
Manage the complicated dynamics of succession.
Selecting potential successors can be tricky. Allegations of favoritism, internal politics, and emotional decision making always seem to arise. Mismanaging such claims can result in bruised egos, disgruntled employees, and an undesirable workplace environment. Brian Madison didn’t properly control the announcement of Billy’s succession. Furthermore, by not informing his executive team of his decision prior to the announcement, he alienated Eric, creating a vengeful and dissatisfied vice president. Perhaps, if Brian had taken the appropriate steps to foster Billy’s potential as a CEO, then Eric may have supported his decision rather than undercutting both Brian and Billy Madison. In fact, emotional intelligence plays a large part in easing the transition between upper management and lower management positions. It also makes the choices of potential successors understandable. Emotional intelligence will help individuals articulate why they chose certain employees over others.
Overall, making a serious commitment to development in terms of both time and resources separates effective succession plans from ineffective ones. Brian Madison failed to make this commitment. He paid Billy’s way through high school, and he allowed Billy to take a cavalier attitude toward everything in life. If Brian had always planned on passing Madison Hotels onto Billy, then he should have devoted more time and effort into encouraging Billy’s interest in business and his education. Don’t make the same mistakes as Brian Madison.
Laura is a content crafter and a research guru with the Marketing Zen Group. She writes about business, technology, and investments. When she’s not blogging, Laura loves all kinds of physical activity, ranging from yoga to ice hockey. She also tinkers with technology and follows pop culture closely. Connect with her on Twitter @l_mcconney.