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Art Stevens |
An impressive 73% of the responders said yes. But a full 27% said no. Fifty lashes with a wet noodle to you 27%. Do you realize the jeopardy and compromising position you’re in which you’re putting your firm?
A PR agency is one of the largest assets an owner will ever have. You’ve worked so hard to build a business that has value and will reap benefits to your family along the way.
You’ve been an entrepreneur. And you’ve provided service to your clients and employment for your staff. All of that is very well and good. But what will your situation be if something unforeseen should happen to you?
If you don’t have a reliable and trustworthy second in command, who will run the business and preserve the assets you’ve accumulated press release by press release?
If you’re an agency owner with no capable number two person you need to make the identification and selection of one a high priority. Among the tasks a valued number two would be responsible for are:
- Client management
- Business development
- Staff supervision
- Trouble shooting
- Profitability
- Budgeting
Undoubtedly, you are assuming responsibilities for most if not all of these tasks at the present time yourself. If something were to happen to you and you don’t have a trustworthy number two to take charge all your assets can go out the window in a very short period of time.
Look around you and evaluate the team you presently have. Is there anyone who stands out? Who can be groomed as your number two? Who can be your “apprentice” in agency top management?
It’s always best – and considerably less expensive – to groom your own rather than recruit from the outside.
Once you’ve trained your number two you must take all the necessary steps to retain this person. There are various means of providing the proper incentives, including equity, phantom stock, bonuses and promotions.
Having such a person in place will take a big load off your mind and help you and your family preserve the assets you’ve worked hard to accumulate.
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Art Stevens is managing partner of The Stevens Group.
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