Succession planning – Pay for the best

There comes a stage in all growth businesses when the issues of management succession become pressing. But finding the right people requires time and serious soul-searching as Nigel Botterill, founder of £7m-turnover franchising business thebestof.co.uk, explained in Real Business magazine. “It took me nine months to replace myself. I was working with 280 franchisees across the country, employing 35 staff. Everything rested on my shoulders and it was too much.” A headhunter search followed by numerous rounds of psychometric tests and personality profiles produced a standout candidate – Andy Hurst. But his current salary was way above what Botterill had expected to pay. “I had a stiff drink and a word with my accountant. It’s a bit like buying a house. You always end up blowing your budget but, if it’s your dream house, it’s worth paying over the odds.” Botterill’s decision to hire Hurst in October 2007 is paying dividends though: “I gave him my office and my PA to send out a clear message that he runs the show, not me and it has been a Godsend. Andy deals with the day-to-day running of the business, so I can focus on strategy and new product launches.”