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 [...]
In “Consider the Unknown and Have A Plan for The Future”, Kendall Rawls shares that succession planning isn’t instinctively associated with growth. Rather, it is associated more closely with planning for an end. It is easy to back-burner conversations and planning around succession because to be quite frank, it has received a bad rap. [...]
A common concern shared among business owners is “Where are all of the good people?” There is a shortage of talent, and an even bigger shortage in up and coming leaders, which is requiring owners to focus more than ever on people development and investing in culture. The norm today is to hire or [...]
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 [...]
In “Pioneering the Unknown, Champ Rawls, shares leading today’s dealership, or any business for that matter, into tomorrow takes more than just the experience from the past or the knowledge of working in the business with the previous owner. Today’s leaders need to search for new opportunities to develop themselves, their team, and the [...]
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 [...]
Employee retention is one of the largest problems for business owners to solve and overcome. In addition, finding good candidates is harder than ever before. Whether the issues relate to a good economy, low unemployment rate, or simply just a lack of talent coming into certain fields, the challenge is real. Add in the [...]
Employee retention is a struggle for a lot of business owners. There does not seem to be one industry immune to losing good talent. Losing our key employees is very costly to the business. You lose the knowledge and experience, but then you have to invest in recruiting and retaining new talent, hoping they [...]
