Tag Archives: Succession Plan

Creating and Completing a Business Succession Plan is a Marathon, not a Sprint

If you follow my Facebook page you know, I accomplished a BIG personal goal this spring. I completed the 21-mile race in Big Sur California on April 24, 2016, in five hours and twenty-five minutes. Big Sur was my first 21-mile race. While I like to think of myself as having a pretty healthy lifestyle, I am by no means a marathoner. As I was doing this wonderfully challenging race, I began comparing my training and completion of this race with the struggles, fear, pain, exertion, and joy my clients go through during the creation, implementation, and completion of their business transition plan.

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Why Use the Team Approach When Doing Succession Planning?

Creating a good succession plan is a large project. The most common reason the plan is never completed is because the business owner does not know where to start. She often does not know how to make the time to work on the business while working in the business so she never gets to the project. It is my experience the owner often starts to hyper ventilate at the thought trying to manage all of the people who have opinions on when, how and to whom the business should be transferred so she give up.

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