Misconception #3 - Succession Planning and Business Growth Aren't Related Succession planning is not about you leaving the business; it’s about building a foundation of success today that will set the course for future generations. Your organization may be in 'growth mode' so you’ve put succession planning on the back burner. But growth without [...]
Misconception #2 – Succession Planning Means Retirement Planning Succession planning often fuels a myriad of emotions. “No one is gonna push me out!” “Succession, that’s all about retirement, and I’m not going anywhere anytime soon!” “I like control; I’m not giving it up!” While all of these are valid emotions [...]
Misconception # 1- “I’m All Taken Care Of “I have it all done.” “My estate and exit strategy are in order.” “My attorney and CPA have me covered.” These are beliefs are commonly expressed by many business owners. While there may be confidence and truth behind these statements, what the [...]
Succession planning covers a broad range of subjects which may be broadly categorized by legal, financial, and people. Each of these many facets of succession are intimately woven together, interdependent upon each other's outcome. Each of these can be broken down into 10 interdependent subsets. Based on your unique business scenario and your perspective [...]
The majority of owner’s we interact with are in what Jeff Bannon refers to in this article as “Succession Limbo.” The most common reasons we see owner's "stuck" is either fear of making a poor decision or lack of clarity on planning options available to them. To provide a way out of succession limbo [...]
Franchisors are deeply concerned about franchisee’s lack of clarity of a succession plan and preparedness to execute one. To motivate franchisees and to protect their brand, some more seasoned franchisors have created requirements for franchisees to identify their successors who must be formally approved prior to any transition of ownership or executive management. Failure [...]
Looking forward is easy to do, especially when you are dreaming of your next step to amp up the business. However, say the words “succession planning” and suddenly looking forward stops as many believe “we aren’t there yet,” or “I’m done, my estate plan in buttoned up.” To many, the phrase succession planning reflects [...]
“Often, all that stands between you and what you want is a better set of questions”. - Tim Ferriss How do you eat an elephant? The phrase “succession planning” means different things to different people. Often, it’s misrepresented as simply having a buy-sell, or confused with having a basic estate plan. In our forty [...]
In our last article, "Reflections - Past, Future, Present" we talked about reflections and how the holiday season is the one time of year that we find ourselves reflecting, without even trying. In addition to reflecting during the holiday season, as a new year begins again, we are also no doubt thinking about what [...]
Some things in life are actually fun to plan, such as weddings, vacations, and special celebratory events. The planning that goes into the event usually leads to a happy outcome, regardless of how long the planning takes and even if there are bumps along the way. Business Planning, on the other hand, can get [...]
