Family Business Succession Strategies

When a 100-mph fastball is thrown at your head, pretty good chance you’re going to end up on your butt trying to get out of the way! That’s what COVID-19 felt like when overnight our lives got turned upside down. But, my partner Jeff Bannon, who played 9 years of professional baseball, said, you can’t let the pitcher intimidate you – you have to get back up and go after the next pitch.

What 100 mph fastballs have you been facing?

  • Business stopped cold – having to lay off hundreds of employees
  • Someone you care about has contracted the virus
  • Frantically responding to the new tax law so you can get some of the available cash
  • Changing policies and procedures overnight to comply with the new work environment
  • Family issues exacerbated by the tensions created by the virus

How do you get back up after being knocked down?

  • Most of our clients’ businesses are considered essential so business continues but with a fraction of the revenue and a skeleton crew. So. . . .
  • Obvious need to minimize expenses and preserve cash
    • Show leadership by reducing your pay so everyone knows we’re all in it together.
  • Your routine has been turned upside down so you’re now dealing with ‘tyranny of the urgent’ constantly – having to make decisions on the fly.
    • Really easy to feel frustrated, frazzled and busy but not productive!
    • On a daily basis prioritize what is most important and make sure those things get done!
  • People are emotionally raw!
    • Check in with your people to find out how they and their families are doing.
    • When you go home– give yourself a break – turn off your phone at least for a while and focus on your family – they need you and you need them!
    • Make sure you are getting enough rest & exercise – emotional strain is a killer! As the Leader you need to be at your best!
    • Communicate more than ever – your people do not need surprises – they already feel gun shy.
  • Reach out and ask for god’s help. PSALMS 23 The Lord is my shepherd, I shall not want and even though I walk through the valley of the shadow of death, I will fear no evil. God wants to give you hope that will sustain you through this crisis.

100 mph fastballs are coming at us every day. How are you going to respond? Will you let your fears overwhelm you or will you do the things necessary to help you get back up so you can lift up those around you? One day at a time.

We got this! Bring it on!!”.

Watch Hugh’s Video on the Topic: Leading When Crisis Hits – The 100 MPH Fast Ball

Contact us and we can help you with insights, other resources, and see if it makes sense to work together. At the very least, in 30 minutes, you may get some ideas you can apply to your business right away.

Leadership Management & Continuity

Top talent is hard to find these days, so when you find them, it is critical you have the strategies in place to retain and motivate your key people. Click the following links for more drill-down resources on Leadership and Management Continuity.

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