March 2015

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nearly impossible. When everything is someone else's fault, silos are created and ultimately a culture of fear takes over. Employees spend more time defending turf and playing CYA than producing. e best leaders not only take accountability for their own actions, but also create a culture of accountability across the enterprise. Likewise, the CEOs who create the most accountable and productive cultures are communicators by nature. is does not mean they need to be inspiring public speakers, but they must communicate consistently with team members. Stud- ies have shown the very best employees want three things from their leaders: (1.) to understand how we are doing as a business; (2.) to know where we are headed; and (3.) to know how they specifically play into that plan. CEOs who don't communicate well or oen enough simply cannot build and maintain great teams. For internal successor candidates, this is again a matter of observation. Can they accept responsibility for their fail- ures? Do they communicate clearly and do you see others engaging or moving away? For externals, interview questions regarding mistakes made in their careers are very telling. I've actually interviewed executives who cannot come up with even one mistake in their career! Obviously, this is a big red flag. Mistakes are oen our biggest learning opportunities. If a candidate is working hard to hide their mistakes, be very leery. As I mentioned above, choosing your successor is a tough duty and there are many, many factors to consider along the way. However, in my experience this list should serve as a "first cut." If a candidate merits a failing grade in any of these areas, making them CEO is extremely risky. n ("The Three Attributes of Your Successful Successor" continued from page 37) 38 | www.cedmag.com | Construction Equipment Distribution | March 2015 MIKE FROMMELT is principal/co-founder of KeyStone Search. With more than 25 years of executive search experience, he has worked nearly exclusively since 2002 with privately held businesses including single/partner owned firms, ESOPs and family businesses. He can be reached at mikef@keystonesearch.com, or visit keystonesearch.com. >> BUSINESS SUCCESSION Bair's Axle Factory Axle CAT / ASV / TEREX PARTS Bolt-On Replacement Track Drive Lugs Got Lugs? HYDRAULIC TRACK INSTALLATION KIT • Install rubber tracks fast with Hydraulic Tools STOP TRACK DERAILMENTS! • Modify Existing Factory Wheels • Capture Track Cleats at all sides • Greaseable Bearing Carrier • 25% Thicker Steel Plates and Sprocket Base • Inner/Outer Sleeve Tubes DRIVE CARRIER PARTS CAT 247/257/267/277/287 ASV / Terex 50/60/85/100 SOLID ALLOY WHEELS www.bairproducts.com Email: info@bairproducts.com 913-947-3934 (LUGS) 855-575-5847 TOLL FREE - Parts Can Be Installed W/ Factory Parts - - Installation Videos On YouTube -

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