The 4 D’s of Transition Planning

 

 

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.       

So Good They Can't Ignore You

The title of Cal Newport’s book, So Good They Can't Ignore You, is intriguing.  Most times people don’t believe in their abilities.  They don’t believe they qualify for the job promotions.  They don’t believe they have skills necessary to advance.  If you have a strong desire to accomplish your dreams, you need to remove the “self-doubt” obstacle.  You want to become the person “so good they can’t ignore you”.  You ask, “But how?”

As we continue to examine obstacles which stand between you and your dreams, let’s look at the definition of "obstacle":  a thing that blocks one’s way or prevents or hinders progress.  Is one of your major obstacles your income?  Previously you were asked, “Is your income too low for your needs?”  

When people have set their hearts on achieving something, their first response is “but I don’t have enough money to do that.” What does it take to invest in yourself in order to see positive financial results from the work you do; or the invention you develop; or an investment deal you undertake? 

The reason I am introducing you to Cal’s book is to inspire you to strive to reach your potential by showing that you may be well on your way to finding your passion and earning a higher income. You just don’t realize this. The interesting fact is Cal’s explanation clearly emphasizes we are not born with skills and talents.  These are developed over the years. 

Hard work is one of the secret ingredients to accomplishing your dreams.   Many success stories show this is true. When you pour yourself into your work, no matter how tedious your present job is, you will eventually work your way to a satisfying and fulfilling career.  You will be challenged to take on additional responsibilities in new areas and will be compensated for doing so.  

Bloom Where You're Planted

I know exactly what Cal Newport is referring to in his book.  In my high school yearbook, this little blurb was written about the plans I had for my future.

Travel consultant

Is what she wants to be?

The world is what Delores wants to see

With her high marks and charming laugh

She’ll be an asset to any staff.

I had my heart set on travelling yet I didn’t even come close to being a travel consultant or airline stewardess.  After a few short-lived jobs, I landed one with the credit union.  I would have never dreamt this would turn into a lifetime career.  As I weaved my way through our organization, hopping from branch-to-branch, job-to-job, taking education courses along the path, I finally landed my dream job as a financial planner.  Being a Certified Financial Planner gives me the opportunity to help people plan their financial futures.  It’s amazing how my love for math in high school and helping fellow students with this subject connected me to my present job.  I didn’t plan this from the beginning.

In his book, Cal Newport reveals, “Matching your job to a pre-existing passion does not matter.  Passion comes after you put in the hard work to become excellent at something valuable, not before. In other words, what you do for a living is much less important than how do it.”  I certainly can relate. The fact was I was a divorced single parent who needed a job to support my son and me.  One cannot be too fussy in this situation.  I was fortunate to have the job I did with the opportunities to advance as long as I was willing to learn.  Passion was developing as I worked.  Did I know it was happening? I can’t be certain.  All I knew was I enjoyed helping people which meshes well with what Zig Ziglar says, “You can get everything in life you want if you will just help enough people get what they want.”

What About You

Do you feel that you are ready for a change?  Are you willing to hop on the next train going somewhere different than where you presently are?  Honestly, it doesn’t have to be significant; minor changes allow you to experience new things. 

If your desire is to improve your income, then you may start with improving yourself.  I agree totally with experts like John C. Maxwell, who says, you have to invest in yourself.  You must be willing to take a chance.  Focus on something that connects with you in a defining way.  Dig deep into your work!  Look with fresh eyes for opportunities you may have been missing in your day-to-day life.  Look for opportunities to help others be their best because this is a positive reflection on you.  Being a team player shows your willingness to cooperate.  Initially there will always be steep learning curves in everything new that you try.  Plow through the difficult challenges of learning new skills and relying on others to help you.  The best part is you will become victorious and achieve your dreams because you will be “so good no one can ignore you”.