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Do You Have What It Takes? (Part I: Dedication & Endurance)
August 2, 2007
On many occasions I have heard the adage “If you have the desire and are passionate about what you do, you will be successful.” When it comes to addressing the succession of your business it is no different: you must have DESIRE! Do you have what it takes?
Back in my high school football days, one of my coaches introduced me and my teammates to the true meaning of “DESIRE”:
Dedication – Endurance – Strength – Intensity – Reserve - Excellence
So how does this meaning of “D-E-S-I-R-E” relate to planning for the continued success of your business? First, let me continue to relive the glory days, it will have application, I promise!
As my teammates and I endured two a day practices and spent countless hours lifting weights and running wind sprints, we mentally prepared ourselves for the adversity and challenges ahead by always remembering, “If we consistently exhibited each of the characteristics of “D-E-S-I-R-E,” we would outlast our competition and ultimately achieve our objective. From my experience as a succession planner, successfully planning for the continuation of your business legacy requires the same DESIRE.
Succession planning is not a one time event but rather a lifetime process requiring Dedication. Many people do not understand the dedication involved because they confuse business continuity with business succession, which are profoundly different. Business continuity and business succession differ in that several difficult issues must be addressed over and above the typical implementation of wills, trusts, buy/sell agreements and life insurance. You, as a business owner, may feel you have it all done, but endeavoring to achieve business succession requires the willingness, commitment and dedication to persevere through a process which is often arduous, time consuming and mentally draining. Ideally, the process addresses each component of the Succession Matrix as described by Loyd Rawls in prior posts. Bottom Line: You must be dedicated to a process in order to achieve Succession Successsm!
Next is “E” for Endurance. Endurance is required because succession planning is a thorough process that tests the will and patience of principals, family members, key managers and you, the business owner. Communication or a lack thereof, contributes to the complexities inherent in business succession. Some families communicate more effectively than others. However, my experience has been the vast majority of families struggle with family communication for a multitude of reasons. As a result, family members tend not to confront issues or problems that arise but rather choose to avoid them or sweep them under the rug out of fear they will result in fractured family relationships. Addressing family issues and then working through them takes courage, time and in some cases the help of a professional counselor. Bottom Line: Endurance to work through challenges that arise in the family business arena is imperative!
Next Posting: I will continue to ask: “Do You Have What It Takes? - DESIRE”
Posted by Dave Ciambella on August 2, 2007 | Comments (0)
