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Do you deal with issues in a fragmented and ad-hoc way?
Unfortunately, many business owners find help only when an issue or opportunity arises. For example, the neighbouring business premise becomes available and they talk with either their accountant or lawyer. Another example of a "knee jerk” response is when a potential successor threatens to leave. Here are three things to consider with succession/exiting issues:
1. Create a vision. Always start with the end in mind. This will help you to promote efficient succession in your business. Your succession vision needs to include business, personal and family considerations. Be mindful that for many a business can be an extension of themselves i.e. identity, control, status. Commit your goals to writing!
2. Plan by design not default. Drill down to critical focuses or strategies, for example, business viability, health, personal development risk and protection.
3. The human dimension. There’s more to succession/exiting than technical issues. People affected will feel anxious, stressed and isolated. By identifying and discussing the issues can you then help address their concerns.
Succession/exiting can create resilience in your business and your life to planned and unforseen changes. Plus generate strategic options and realign resources quickly.
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