Greg Abel, Warren Buffett’s handpicked Berkshire successor, has a massive legacy to live up to.
Buffett spent 60 years transforming Berkshire Hathaway, his multinational conglomerate holding company, from a failing textile mill into a $1 trillion company.
The coming ascension of Abel, the chairperson of Berkshire Hathaway Energy, to replace Buffett is a reminder that getting a big promotion often involves a good deal of spadework. Once you get the gig, there are important things to keep in mind as you step into the role.
Business Insider asked corporate observers for their advice on pathways to getting promoted and succeeding when you do.
Find your mentors
If you’re hoping to move up, it’s important to find senior leaders to guide you, Andy Lopata, coauthor of “The Financial Times Guide to Mentoring,” told BI in an email.
He said this might include a boss whose job you hope to one day land and other mentors who can be objective in guiding you as you forge key relationships and plan your next steps.
Stewart Friedman, an organizational psychologist and emeritus professor at the University of Pennsylvania’s Wharton School, told BI in an email that when he interviews job candidates, he’ll ask, “How will your experience working with me contribute to your development towards your most important goals?”
It’s an important consideration, Friedman said.
“If your boss isn’t thinking this way, then they are not priming you for taking the steps you need to prepare for your future,” he said.
Look for signs of confidence
Long before getting good news about the role you’ve been shooting for, you’ll likely need to put in hard work and look for signs that your boss is confident that you’ll succeed.
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One indication you might be set to climb is if your boss trusts you with “high-stakes decisions” and not just easy wins, Deborah Grayson Riegel, who teaches leadership communication at Wharton and Columbia Business School, said in an email to BI.
If your boss asks you to stand in for them in key situations where “the stakes (and titles) are high,” it can be a sign they’re testing and showcasing your executive presence and credibility, she said.
Riegel said not all parts of moving up will necessarily be frictionless. A boss who views you as heir apparent might also offer candid feedback, even when it’s uncomfortable. That person might also give you autonomy to lead and then support you when you stumble, “which you will,” she said.
“That kind of trust signals they’re preparing you for more than your current role; they’re preparing you for theirs,” Riegel said.
If you get the job, don’t just mimic
If you’re lucky enough to get the job and will soon take over, it can be important to honor your boss’s legacy without mimicking it. That’s the case for Abel, Herminia Ibarra, a professor of organizational behavior at London Business School, told BI via email.
“No one wants a replica,” she said.
While Buffett led through “extreme delegation,” Ibarra said, Abel is often more hands-on. She said he’ll need to use his instincts to make “bold, well-judged” moves even while maintaining the company’s decentralized approach.
“A successor is always chosen for a reason; Abel must understand why he won the succession contest and lead from that strength,” Ibarra said.
Keep some things
Alisa Cohn, an executive coach, likewise said it’s important to stake out your own position and not pretend you’re the old boss. That includes not promising things will stay the same.
At the same time, she said, it can help to hold onto some aspects of leadership that are popular or have worked well.
In Abel’s case, that includes Buffett’s annual shareholder meeting, which has for years been a big event for investors well beyond the company, Cohn said.
Keep your colleagues’ success in mind
If you’re like Abel, 62, and you’ve been a longtime employee at a company, you’ve likely built up many relationships with coworkers. Moving up the ladder can change some of those dynamics.
It’s important to be aware of that, Cohn said.
Rising to the position where you’re in charge can lead to jealous coworkers, she said. If you’re the one moving up, it’s important to let your one-time peers know that their success remains important to you, Cohn said.
“Show them early that you have their backs and want to support them and help them succeed,” she said.
Make your mark
Cohn said one way you can establish yourself is by demonstrating you have strong judgment. For Abel, that could include big decisions on large investments, she said.
A successful, high-profile acquisition or investment soon after his takeover would “reassure” investors and others that Berkshire’s historic investment discipline remains intact, Cohn said.
She said Abel should continue to differentiate himself by ensuring the business managers are acting in the interest of the collective, “and taking action if they aren’t.”
Whitney Johnson, a leadership advisor, told BI in an email that leadership transitions can spread fear because of uncertainty.
“Calm the lizard brain by communicating relentlessly. Articulate what will change, but emphasize what remains constant,” she said.
