Knowing The Right Time to Step Down

Many people were caught off guard earlier this year when I announced plans to step down as Correct Craft’s CEO in 2026. Why would a relatively young, healthy leader with a lot of energy, who loves his job and is, I believe, still having a positive impact, step down?

In short, I thought it was the best time for our company.

A few years ago, I told the Correct Craft board, which I sit on in addition to being CEO, that I would do three things: 1. Give over a year’s notice of my plans to step down, 2. Prepare multiple internal leaders capable of stepping up as my successor, 3. Deal with the “hard things” before I leave.

We have had tremendous success at Correct Craft, growing from a $39 million company in 2009 to over $1 billion in 2023. In addition to explosive financial growth, during that time the Correct Craft team has used our platform to do tremendous good all over the world. We have invested heavily in our industry while also serving people in Asia, Africa, Central America, the Caribbean, and across the U.S.A. We have developed a world-class culture that other organizations try to emulate. Our team is super proud of what we have accomplished, but we are not satisfied; we want to build on what we have done.

Despite a challenging market the past couple of years, our company is well-positioned for another decade of impressive growth. For years, we have been investing heavily in our succession planning and leader development, doing everything I can to ensure the next generation of Correct Craft leaders are ready, and they are.

We have also used the market downturn of the past few years to do the hard things. Organizational changes, harmonizing ERP across our entities, new HR and employee development systems, a new dealer/CRM system, green fielding a new boat brand, and completing many other “hard things” have positioned our company well. Doing these “hard things” will allow a new leader to step in next year and focus on growth, not solving problems.

Despite our organization’s preparation, deciding to step down is not easy; it certainly wasn’t for me. I enjoy the platform and influence being Correct Craft’s CEO provides and will miss that. It has also been tough letting go of responsibilities the past few years as I have transitioned more duties to our upcoming leaders as part of their development.

However, preparing our organization and team for leadership succession has taught me a lot that can benefit others thinking about stepping down. A few important things I have learned are:

Be laser-focused on succession  

It was very important to me that we had an internal successor who would continue to invest in our organization’s unique culture and drive future growth. Hopefully, my successor will continue celebrating what our team has accomplished in the past twenty years. However, more importantly, I want them to build on those past accomplishments to achieve even greater things.

To ensure we had internal candidates, I have invested heavily in our team. This included reorganizing our organization to allow potential successors more responsibility and ensuring potential candidates were included in the right meetings to build their understanding of our company. It also included a healthy dose of executive education at prestigious schools to broaden their thinking.

Great leaders invest in their teams so that there are potential successors prepared. If an organization must look outside for someone to succeed you, that is a failure.

Be willing to give up control to help those behind you 

A few years ago, I reorganized our team to give some of my potential successors significant additional responsibility. This was hard because I love working with our company presidents to optimize their results. However, I knew that holding on to all my responsibilities was cheating those behind me of an opportunity to develop as leaders. This can be hard if you enjoy being engaged as much as I do, but it is necessary for the sake of your organization.

Do the hard things before you leave 

Above, I mentioned just a few of the hard things I was determined to get done before stepping down. The process of identifying those items and tackling them before leaving was important to me. Leaders who care about their organization and team will be intentional about making sure their successor doesn’t step into problems but instead can focus on growing the organization.

Don’t be the last to know it is time  

Several years ago, I was serving on the board of a very large university when the school’s long-time and legendary leader came to my office for lunch. During our lunch meeting, he told me that he didn’t want to be “the last to know” when he needed to step down. Unfortunately, he was the last to know, and overstaying resulted in some things happening that deeply tarnished his previously unblemished legacy.

It is better to step down too early than too late.  Don’t step down because you have to, step down because you choose to. Great leadership includes knowing when to pass the baton.

Accept responsibility for the organization’s results after you are gone 

Unfortunately, I have seen firsthand leaders who revel in an organization’s struggles after they leave. It makes them feel better about themselves.

I have said many times that if our company struggles after I leave, that falls on me. Great leaders view their legacy not only based on how the organization did when they were in charge, but also on how well they prepared the organization for their departure. Believing that how the organization performs after you leave is an important part of your legacy can be a huge motivator to make sure the company is well prepared for your departure.

I love our company and was very intentional in preparing for my departure. I am also very thankful to be involved by serving as our organization’s Board Chair after stepping down next year as CEO. I plan to help however I can, whenever asked. If I am not asked, that is ok too. Our team is well prepared to excel.

The best leaders drive great results, but they also prepare their organizations for success after they are gone.

Written by Bill Yeargin.
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