Succession Planning – Building Value   

The previous posts in this series talked about how goals must have plans (Goals: Turn Them into Reality!) and the reasons many owners decide to stay on longer than necessary or desirable (Dr. Seuss on Succession Planning). 

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Before you read this post - check out my previous posts - Disenfranchised Spouse - Someones Missing from the Picture and Thoughts for the Future.

If both of you have not been involved with your estate and succession planning team, it is likely you may be experiencing some challenges – perhaps your progress has even come to a standstill and there may need to be some discussion on this topic before you can move on.. What are some of the key factors to make sure that when you are ready to begin your estate and/or succession planning you will be comfortable with the people and decisions that must be made? Here are some helpful tips to keep in mind:

Ok. So assuming your family stays together, what are the other commonalities of healthy family environments?

 In healthy families:

• The self-worth of individual family members is high. There is unity as a family unit, but there is also great respect for individuality. The individuals are confident in who they uniquely are.
• Communication is effective. It’s clear, direct, specific and honest. They practice “straight-talk.” Refrain from sarcasm. No guessing at where you stand with each other. No triangulation. No avoidance of conflict.
• Rules are flexible, appropriate, and change-able as circumstances change.
• They do not pigeonhole each other into roles – “he’s the quiet one,” “She’s the black sheep,” etc.;
• Boundaries wi

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In previous posts, Family in Disarray and Successor Development, we touched lightly on the staggering statistics that show nearly 75% of all family businesses will have difficulty with perpetuating business success. Continuing business success into another generation is often dependent upon more than family, but upon the commitment of a variety of key managers.  In effect, they become the “Succession Bridge” because a committed group of competent, capable, and committed managers can keep the company moving forward while the next generation is being prepared.

During the last political campaign, we heard quite a bit about a “bridge to nowhere.&rdqu...Read More

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Another variety of slow death by water cooler are the fearful conversations being shared by employees as they reflect upon the doom and gloom currently being propagated by the media. There is nothing more demoralizing than feeling that the doors are going to close any day and everyone will be out of a job if we don’t sell more product. I have been writing about dealing with change over the last five or six months, and I don’t mind repeating one very important aspect of being able to successfully lead people through extreme change: concentrate on the factors you CAN control and stop worrying about the things you can’t.

The water cooler can be the dragon in the pit that guards the well – every time your employees come together at the well, this dragon is spewing its brimstone and fire of anxiety over potential job losses, failing 401ks and gre...Read More

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In my last two posts, Likability or Accountability-Leadership and Likability or Accountability-The Right People, I discussed the idea that there are several businesses I’m currently working with that are performing and several that are not. The difference between the two is that they either have a culture of likability or a culture of accountability. The immediate differences between the two suggested differences in leadership, people, and focus on results.

Having the right people on the bus resolves a lot of problems. But it does not inherently produce results. It is however, the pathway to a focus on res...Read More

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Please click here to read my previous blogs, Recipe For Success and Is It All About The Money?.

Do you find that you consistently hang on to employees too long when, in your heart, you really know they would be better off somewhere else? You are not alone. Countless businesses have suffered and many continue to suffer out of fear.

For many, the fear stems from their belief they will not be able to find a better replacement and, therefore, feel it is best to settle for the current employee. For whatever reason, some business owners would rather “die from a thousand cuts” by putting up with lackluster performance and cultural in...Read More

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More than a few years ago, several of us would record music segments and splice them together to create what we called a “wonderloop.” Sometimes the only wonder was why we did it in the first place.

After getting involved in the business world, I discovered that the wonderloop concept was transferable. In business, it wasn’t music or sounds that I wanted playing over and over. It was product or service performance.

In earlier posts this week (Blueprint for High Performance Culture and Using the Right CAD System to Improve Business Performance), I laid out a blueprint for building a hi...Read More

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Please click here to read my previous blogs, "Abundant Thinking" and "Facilitating Instead of Dictating Change."

Success is dependent upon your continuous commitment to being observant, creative, flexible and opportunistic. However, it will take massive amounts of energy and commitment to overcome what has been experienced by many businesses as a “death blow” by the economic crash. In order to effect any kind of growth or change, there are three fundamental axioms that must occur:

1. Before you can create any solution, you have to begin with an honest assessment of the problem. Look at

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Click here to read my previous blogs titled "Conflict Management-Establishing Communication" and "Conflict Management-Identifying Needs."

Oftentimes conflict is completely resolved simply by creating an environment where people feel heard, understood, and validated. Sometimes, however, there is a problem that needs to be resolved. Once emotions are heard and understood and communication has been established, you are in a position to move on to problem resolution. Problem solving is the process by which people explore alternatives.

For effective problem solving follow these steps:

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Please click here to read my previous blogs titled "Succession Fallacies: "I have it all done," and "Succession Fallacies: "I am too young to begin succession planning."

Most parents contend they love all their children equally, so naturally they want to treat them equally (which I can appreciate as a parent of three boys). However, there is a distinction that should be made regarding an equal estate distribution and equal compensation. Let’s face it, every person is blessed with a unique personality, unique talents and unique skill sets. Furthermore, ...Read More

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The previous blogs in this series, Succession Success Requires Vision, Not Sight and Minimizing Conflict and Promoting Harmony: First Things First, focused on the need to keep your vision – your motivation and perspective – out in front of the family and your business colleagues. Doing so is not only good emotional risk management; it also promotes several other key components of succession success.

But when conflict occurs, and it will, your choice of resolution styles will determine whether the episode turns into a growth experience or becomes...Read More

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