6. Progressively increase their responsibility until you name them President and COO. You remain Chairman and CEO until you retire. When you do this, be there to help not direct and let them lead no matter how hard it is.
Even after you have given them the title, the heir apparent should be responsible for specific things with enough responsibility and authority to make a difference yet be accountable to you and others until you see them in action. This includes being involved in Marketing Plans, Sales Initiatives, your outside council, your outside CPA and your insurance broker(s). Other than day-to-day decisions, they should not unilaterally make decisions without discussion with your team. Obviously, you and the heir apparent can, probably decide anything. However, it is always advisable to "seek the council of the wise" prior to making major, life changing decisions.
When you decide the time is right for them to assume the throne, do it right. Don't just say that you are no longer the President (or whatever). Do what you would do if you hired someone. Give them credit for a job well done, write a letter to "All Employees" announcing the change and don't joke about it. People will take it as seriously as you present it. By the way, the heir apparent will appreciate being treated as a top manager not as your relative.
That's what I think. What do you think?
ps: My wife says that I do not always have good grammer and spelling. I think I am perfect. What do you think?
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Good crammer? Maybe she is right!
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