Small Business Succession Planning Strategies

Small Business Succession Planning Strategies

Transferring Ownership to Financial Independence

Selling-Succession Methods versus Emotional Needs

Specific Emotional Challenges of Selling and Succession (Part 3 of 3)

One of the things that one finds when one decides to specialize in consulting owners on selling and small business succession planning strategies is it is not a simple process.  In fact to get the best results, a lot of different disciplines need to be integrated.  The best succession-selling consultants act like a systems integrator/general contractor bringing the various expertises necessary for success to the client and coordinating them to get the optimum results.

I bring this up because in this post I am going to refer to the work of one of my fellow experts, Jacqueline Gould (switchinggrears-retirementlifestyle.com).  Jacqueline specializes in assisting people go through the process of redesigning their life as they come to the traditional age of retirement.

The key to dealing with the emotional issues that sidetrack our selling-succession goals is figuring out what we are going to transition to…what the next phase of our life is going to be.

Here are some of the thought processes Jacqueline recommends for going through this transition.

• Study and gain understanding of what your vision, values, interests and strengths really are.
• Understand how your vision, values, interests and strengths might shape your future, post ownership goals
• Recognize your professional and personal interests and align them to your life roles and goals
• Take inventory of your capabilities
• Define your desired contributions and the impact you would like to create (what you want people to know you for)
• Identify the feelings you want to have as a result of your transition vision
• Develop a new purpose – Values + Strengths + Passions + Service = Your Purpose

Jacqueline has developed a process and tools that you can use for going through this exercise and she can be reached at Jacqueline@switchinggears-retirementlifestyle.com.

Some closing remarks; having been going through my own transition over the last few years, I can tell you even if you are aware of the issues, doing this transition work is really hard.  I would not have been successful in getting the breakthroughs I’ve gotten if I didn’t have trusted advisers helping me.  Yes, even I, the transition professional, could not do this on my own.  I needed third parties who could act as guides and provide objectivity.

My advice to you is if you want to have the most successful ownership to financial independence transition is to do likewise.  Get help.  Of course I would love to help you in that.  It’s my profession and if you’d like more information on my services contact me at michael@podolny.com.  But more importantly find someone who is a competent professional with experience and empathy.  Retain them.  Make a commitment and do it.  Start the process of thinking through what your future will be.  It’s the only way to get the kind of outcome that makes owning a business really worth it in the end.