One of the most important lessons of time management is to avoid procrastination. When it comes to succession planning and business transition commitment to that lesson is essential. Procrastination is an expensive habit for business owners.
It is so easy for entrepreneurs and business owners to get caught up in the day-to-day demands of building successful work and personal lives. All too often we fail to begin the process of preparing to transition away from our business. Perhaps being the boss keeps us from clearly recognizing that time does not stop or slow down just for us. Before we know it we celebrate birthdays that we previously thought would define us as “old.” There is that eerie sense that the older you get the faster time flies. “Suddenly” it is time for transition.
Successful succession planning is rarely a last-minute endeavour or the result of serendipity. There is no magical fairy godmother waltzing in at just the right moment to buy your business for exactly what you want or need to sell it for. This is a time when you must make your own magic.
Don’t be a Pollyanna!
Although it is vitally important for entrepreneurial success, optimism is not a strategy for business transition. It may work in fairy tales and the movies, but optimism is a very poor substitute for careful, realistic planning and measurable goals. Many baby boomers are going to have a hard time selling their businesses and far too often profitable companies will simply peter out, close their doors and disappear, leaving in their wake unemployed staff, disappointed clients, and unfulfilled dreams.
Talk to an Expert!
Successful transition is complex. It is not the same as what you are currently doing. Get some expert help to understand the legal, financial, taxation, psychological and business implications of the choices that are available to you. Save yourself time and money and increase your options by taking advantage of the expertise and wisdom of individuals who make it their business to assist you create and implement a logical, clear plan.
Avoid Procrastination – Start Now
Ideally, we begin to plan our transition from the moment we open our businesses; realistically, in the early years, most of us concentrate on building and growth rather than transition. Although each operation is different, most successful transitions require lead-time. Whether it’s for preparation and valuation or for training and development of current and new staff. Give yourself the gift of enough lead-time to do it right.
Don’t be complacent – begin now to plan for your successful business transition.
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