Do you ever notice you are likely to buy into an idea
when you understand why it’s important?
Understanding the “why” helps connect the dots of reason to action. It’s
funny how as children we often asked the all-too-familiar question, “Why should
I do that?” Once we grasp the reasons why an issue or task is important, we are
more likely to buy into the idea spurring us into action. Like a race horse running a track, weaving
between the opponents in its path, the objectives are clear. Reaching the
finish line means winning the race. The
objective isn’t necessarily to finish in first place. The objective is to finish strong, believing that
the task at hand is worth our time, effort, and in some cases, money.
Taking the first step to work through your transition
plan is the beginning of your race to finish strong. Your first step may be to understand the four
factors that justify “Why should I do that?”
1. DESIRE
Desire is definitely at the heart of the issue. The
reason most people choose their profession is because they have a deeply-rooted
passion (desire) for the career they elected to pursue. Plumbers become plumbers; doctors become doctors;
and farmers become farmers because they have chosen to do what gives them the
greatest pleasure and satisfaction.
Confucius said, “Choose
a job you love and you will never have to work a day in your life.” You have the ability to plant the seeds of
desire, those things you love most about your profession, in your successor.
You are proud of being a business owner.
You built an enterprise with hard work and endured difficult
circumstances as well as triumphs. Your
responsibility is to pass along your wisdom, skills, and passion to the next
generation of entrepreneurs following in your footsteps.
2. DIRECTION
Having a direction for your family business provides
clarity. You must discern whether you
take a “business first” or “family first” approach. Does the interest of the business come before
the interest of the family? In the development of your succession plan,
discussions are important. Important
decisions must also center on timelines.
When do the responsibilities begin to transition in the various areas? You
are not required to hand over the leadership role immediately because you may want
to remain quite active in the business. However, at some point, you may only
want the role of a mentor. When the direction is clear about roles and
responsibilities, everyone involved is onboard.
3. DRIVE
Changes shouldn’t deter your motivation. You are
driven to help your successor transition into the management and leadership
role of the business. “Teaching the
ropes” to your successor as well as learning the latest innovative ideas
from them keeps you active. Your influence
in the business will continue to exist even as your role gradually changes. Your
drive, even as a mentor, continues to thrive and survive through the successes
of your established business.
4. DREAM
A transition plan allows the dream of your family
business to continue beyond your reign. Pride in the accomplishments you achieved will
shift to the pride you have in your successor.
You distributed your knowledge, expertise, and wisdom as well as your
assets. Letting go of the responsibilities of running your business allows you
the freedom to pursue other dreams you may have put on hold.
You can probably think of other factors for action that may not be as
positive as the ones listed above. If you don’t have a transition plan, you may
have disharmony
in your family rather than harmony.
Everything you diligently build up in your business could disintegrate
before your eyes. Rather than build
trust, family members will distrust each other for unknown
reasons. You want to disarm
any suspicions about your intentions for the family business before disagreements
arises. The difference-maker
will be when you are determined, disciplined, and decisive
in your intentions to move forward with your transition plan. Now is the time to begin your race so you can finish strong.
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