Loyd Rawls

Wimps Lose Out! How to Plan for the Future of Your Business.
August 22, 2007

Succession planning is not a project, but a process which requires strength, resilience, and sometimes pure guts! Below are some helpful steps that will help navigate you through the process of planning for the future and continued success of your business.

 1.  Develop a Vision

To affirm the concept that “the end must justify the means,” the first step for planning for the future of your business is developing a vision. This vision should be an inspiring and motivating mental image of what you want to see happen in the future such as:

• In 10 years, I want to be cruising on the Riviera while my business continues to grow and be successful!
• I want to build enough value in my business so when I sell my family and I can live off the proceeds!

Once you have developed your vision, it is imperative that you confirm your vision and express in some form or fashion to family and key managers:  “Lead, follow or get out of the way because this is where “the succession train” is going.” Otherwise, you will lose sight and justification of the commitment, emotions, resilience and monetary investment that are required to perpetuate a business through the next generation. A succession vision does not demand detail but it does demand direction and confidence. 

2.  Develop Tentative Goals

The most important characteristics of tentative goals are that they are subject to change. Expect that those who have a vested interest in the continued success of your business will react to your goals with ideas, opinions, objections, and of course, better alternatives.

 3.  Make an assessment between where you are vs. where you want to be.

This assessment will help you answer two very important questions.

• What are the issues that can impact the achievement of my succession goals?
• What are the alternative courses of action that can be pursued to address the issues that are impacting the achievement of my goals?  

Engaging in the planning process forces you to work ON your business versus IN your business, this will ultimately build business value for whatever vision you have for the future! If you have the guts! you, your family, and business will be rewarded from planning for the future of your business.  

Next Topic: The Lone Ranger was a Failure at Succession Planning!!!

Posted by Loyd Rawls on August 22, 2007 | Comments (0)