Your Strategy for a Drama-Free Succession Plan
DEAR ADVISORS,
Drama exists in every succession plan. Bigger advisory firms inevitably experience more drama. But there’s also personal mental and emotional drama we need to overcome to achieve a successful transition. Recognizing and overcoming drama is a tool you need to have if you want to secure your succession plan, and lead a happier, healthier team starting today.
The three roles in the drama triangle are Victim, Persecutor, and Rescuer. Each represents how we think and act when dealing with differences of opinion or disagreements with our own self or others with a negative mindset.
Victim - “This is happening to me.” The belief that someone or something beyond their control is responsible for their situation prevents them from taking responsibility to change their circumstances. As a result, they rely on others to solve their problems.
Persecutor - “It’s all your fault.” Persecutors blame others in an attempt to hide their fear of failure and get defensive when things don’t work out as planned. They seek rescue by pinpointing situations or other people as the primary cause of the problem.
Rescuer - “I need to save others.” Rescuers feel good about themselves when being the hero. The rescuer perpetuates the drama by saving the victim instead of addressing the root cause of the problem.
The Empowerment Dynamic (TED) illustrates three new roles: Creator, Coach, and Challenger. As the opposite of the Drama Triangle, the TED Triangle represents how we think and act when dealing with the same disagreements, but with a positive mindset.
Creator - “I choose how to respond.” Creators see themselves through a lens of possibility, rather than the weak deficiency of the Victim. The Creator looks forward, taking an optimistic approach to life and believing in their own potential and the potential of their team.
Challenger - “Focus on the problem, not the person.” Challengers put aside the need to be right so they can encourage the team to pursue the right solution going forward. Unlike Persecutors, Challengers are comfortable with uncertainty because it’s all part of the learning process.
Coach - “How can you/we create the desired outcome?” The Coach listens and supports their team throughout the process of creating solutions. Unlike the Rescuer, Coaches refrain from jumping in and taking control so that the team can clarify and design the needed solution.
Did you find that you identify with a particular role in the Drama Triangle? Now that you know a positive way to respond, you can move into the corresponding role on the TED Triangle to cut out the drama. For more information and situational examples, I recommend reading 3 Vital Questions: Transforming Workplace Drama, or The Power of TED*, both by David Emerald.
The mindsets needed to move from drama to results are especially helpful in succession plans with family offices. Sometimes we know something is wrong but we can’t identify the problem. Now, you have the language to identify the problem and create the solution. Also, I’ve found that it’s just as effective in conversations with my family at home! I hope you find these tools useful to secure the future of your family and your advisory firm!
Warm regards,
Brooklyn
P.S.
At Ellevate Advisors, we believe that advisors deserve to retire too. What does that look like for you, your family, and your business? Let’s figure it out together! Click here to schedule an initial phone call with our team today or get to know me on my bio here!