tag:blogger.com,1999:blog-57362132605548279572024-03-08T16:04:48.261-08:00TRANSITION SUCCESSCOACHING BUSINESS OWNERS
Who want to successfully exit their business and move into the next phase of their life.Pete Wendelhttp://www.blogger.com/profile/14931181367726230676noreply@blogger.comBlogger26125tag:blogger.com,1999:blog-5736213260554827957.post-89187074632479554052012-03-13T06:44:00.001-07:002012-03-13T06:44:12.649-07:00Seven Reasons to Sell Your Business<span style="font-family: Arial, Helvetica, sans-serif;">Business Owners are a special breed! They are independent people who want to be in charge, to make decisions. They love what they are doing – work is fun. Work is satisfying. Their work defines who they are.</span><br />
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<span style="font-family: Arial, Helvetica, sans-serif;">As long as things are going well the thought of moving on and selling their business is foreign to them. </span><br />
<span style="font-family: Arial, Helvetica, sans-serif;">But a time will come to sell and move on. As a business owner you need to recognize that your world is going to change. You need to anticipate those changes and be prepared to sell your business. The goal is to ‘go out on top;’ to sell your business on your terms, on your timing.</span><br />
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<span style="font-family: Arial, Helvetica, sans-serif;">HERE ARE SOME KEY REASONS TO BE PREPARED TO SELL YOUR BUSINESS:</span><br />
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<span style="font-family: Arial, Helvetica, sans-serif;">YOU WILL CHANGE – You won’t have the energy to keep the company viable. You’ll no longer have the passion for the business.</span><br />
<span style="font-family: Arial, Helvetica, sans-serif;">Maybe you, your spouse or other family member will have health problems that will keep you from spending the time you need to run the business. </span><br />
<span style="font-family: Arial, Helvetica, sans-serif;">Or you might run out of ideas, finding that what used to work no longer gets the results you want.</span><br />
<span style="font-family: Arial, Helvetica, sans-serif;"><br /></span><br />
<span style="font-family: Arial, Helvetica, sans-serif;">YOUR BUSINESS ENVIRONMENT WILL CHANGE – Global competition, new technology or changing employee values are some factors that will demand new thinking. What got you here no longer works. Your company must reinvent itself to compete in the new world.</span><br />
<span style="font-family: Arial, Helvetica, sans-serif;">Change is essential and you may no longer be the person to lead the needed change.</span><br />
<span style="font-family: Arial, Helvetica, sans-serif;"><br /></span><br />
<span style="font-family: Arial, Helvetica, sans-serif;">YOU NEED TO MAKE ROOM FOR THE NEXT GENERATION – Not just family businesses. Any business ‘worth its salt’ needs to have people who have the passion and the ability to lead the business into the changing future.</span><br />
<span style="font-family: Arial, Helvetica, sans-serif;">The future of your business depends upon identifying people with potential, developing them and providing opportunities to grow into leadership roles. </span><br />
<span style="font-family: Arial, Helvetica, sans-serif;">If you fail to provide opportunities for your best people, the very ones you need the most, they will leave perhaps moving to work with your competition.</span><br />
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<span style="font-family: Arial, Helvetica, sans-serif;">YOU WANT TO ‘GO OUT ON TOP’ - You have made an investment and built a strong viable business. Now you want to ‘harvest that investment’ by selling it and moving into a new phase of your life. This might happen anytime, independent of your age.</span><br />
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<span style="font-family: Arial, Helvetica, sans-serif;">YOU HAVE AN OPPORTUITY TO SELL YOUR BUSINESS - Perhaps, when your business is ‘at the top of its mark,’ a prospective buyer will want to buy it, making an offer the just too good to pass up. </span><br />
<span style="font-family: Arial, Helvetica, sans-serif;">But if you are not prepared to sell and move on, you may pass up a ‘once in a lifetime’ opportunity. </span><br />
<span style="font-family: Arial, Helvetica, sans-serif;"><br /></span><br />
<span style="font-family: Arial, Helvetica, sans-serif;">NOTE: Sometimes a buyer will want you to stay on for a short period to assure a smooth transition.</span><br />
<span style="font-family: Arial, Helvetica, sans-serif;">Others may want you to remain indefinitely and continue to manage the business. </span><br />
<span style="font-family: Arial, Helvetica, sans-serif;">The advantage, in either instance, is that you have withdrawn your investment and still have a role. Your challenge is to consider the opportunity carefully to confirm that this arrangement matches your long term personal plans. </span><br />
<span style="font-family: Arial, Helvetica, sans-serif;">In either instance you have only deferred your personal move to independence for a few years.</span><br />
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<span style="font-family: Arial, Helvetica, sans-serif;">YOU WANT TO RELOCATE – Perhaps it’s time to move to a warmer climate – one where you don’t have to deal with winter and can play golf or enjoy some other outdoor hobbies year around. </span><br />
<span style="font-family: Arial, Helvetica, sans-serif;">Maybe you want to ‘follow the kids’ who have relocated so you can be near your grandchildren.</span><br />
<span style="font-family: Arial, Helvetica, sans-serif;"><br /></span><br />
<span style="font-family: Arial, Helvetica, sans-serif;">YOU HAVE A NEW PASSION – Maybe the business isn’t what you want to do anymore and you want to move on. You want to let go of this business and start a new venture. </span><br />
<span style="font-family: Arial, Helvetica, sans-serif;">Perhaps the business has changed and you are required to do many duties which leaves you with too little time to do what really matters to you; too many management responsibilities and not enough time to work on projects or too little time to see customers, etc.</span><br />
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<span style="font-family: Arial, Helvetica, sans-serif;">Selling your business is not a ‘traditional retirement.’ It’s an opportunity for a transition and a new beginning. </span><br />
<span style="font-family: Arial, Helvetica, sans-serif;">The sale is an act of harvesting the investment that you spent years building. It’s moving into a new phase of life – one that gives you new purpose, new meaning and new opportunities. </span><br />
<span style="font-family: Arial, Helvetica, sans-serif;">Making a successful transition is a multi-year process that merges three elements: personal, company and financial.</span><br />
<span style="font-family: Arial, Helvetica, sans-serif;">Even though you don’t want to sell now it’s essential to start planning to assure success. </span><br />
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<span style="font-family: Arial;">What are your perspectives on selling a business? </span><br />
<span style="font-family: Arial;">Have you sold a business? Describe the experience. What did you learn that you can pass on to others?</span><br />
<span style="font-family: Arial;">Are you pondering selling? What are your concerns?</span><br />
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<span style="font-family: Arial;">Want to explore the subject? Check out my web site <a href="http://www.life-work-transitions.com/">http://www.life-work-transitions.com/</a> or contact me at <a href="mailto:pkwendel@aol.com">pkwendel@aol.com</a> or 716 434 8688</span>Pete Wendelhttp://www.blogger.com/profile/14931181367726230676noreply@blogger.com0tag:blogger.com,1999:blog-5736213260554827957.post-89316685264570057662012-02-23T09:26:00.000-08:002012-02-23T09:26:30.585-08:00WHAT'S YOUR EXIT STRATEGY?<span style="font-family: Arial, Helvetica, sans-serif;">Someday you’ll leave your business – every business owner will.</span><span style="font-family: Arial, Helvetica, sans-serif;"><br />
</span><span style="font-family: Arial, Helvetica, sans-serif;">Will you leave on your terms – when you want to or will you be pushed or carried out?</span><span style="font-family: Arial, Helvetica, sans-serif;"><br />
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<span style="font-family: Arial, Helvetica, sans-serif;">WHAT’S YOUR EXIT STRATEGY?</span><br />
<span style="font-family: Arial, Helvetica, sans-serif;">You have a range of choices. </span><br />
<span style="font-family: Arial, Helvetica, sans-serif;">You can <u>‘Die at your desk’</u> – you just keep working until the last ounce of energy leaves your body, and your heirs must pick up the pieces and close out the business. </span><br />
<span style="font-family: Arial, Helvetica, sans-serif;">Or you can just <u>‘Lock the door and walk away’</u> selling whatever you have left; plant, equipment and records often for pennies on the dollar. Minimal planning is needed to pull this one off!</span><br />
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<span style="font-family: Arial, Helvetica, sans-serif;">THERE ARE TWO OTHER OPTIONS</span><br />
<span style="font-family: Arial, Helvetica, sans-serif;">Both of these oprions can enable you to ‘go out on top’ by selling the business when it has high value so you can harvest your investment and build a nest egg for the next phase of your life. </span><br />
<span style="font-family: Arial, Helvetica, sans-serif;"><u>One transition option is an internal sale</u>; you sell to your partners or management team. This option enables you to build an organization that is your legacy and gives you some input on who will carry your legacy forward. But you must select and develop your successors. And it may take several years for your buyers to complete the buyout. </span><br />
<span style="font-family: Arial, Helvetica, sans-serif;"><u>Another transition option is an external sale</u> to an outside third party. This can often be the most profitable because the buyers see a greater strategic value resulting from merging the two companies. Although finding the best buyer will take more time, completing the sale is usually faster than an internal sale.</span><br />
<span style="font-family: Arial, Helvetica, sans-serif;">The transition option you ultimately choose will depend on your answers to these questions:</span><br />
<span style="font-family: Arial, Helvetica, sans-serif;">• How can you maximize your return when you sell the business?</span><br />
<span style="font-family: Arial, Helvetica, sans-serif;">• Do you have potential buyers on staff; people who have the passion, skills, experience and financial resources to buy you out?</span><span style="font-family: Arial, Helvetica, sans-serif;"><br />
</span><span style="font-family: Arial, Helvetica, sans-serif;">• Can you find external buyers who will pay you a premium? </span><br />
<span style="font-family: Arial, Helvetica, sans-serif;">• What do you want to do in the next phase of your life – after you sell your business?</span><br />
<span style="font-family: Arial, Helvetica, sans-serif;">• What is your time table – when do you want be free to move into your next phase?</span><br />
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</span><span style="font-family: Arial, Helvetica, sans-serif;">HERE’S HOW I CAN HELP YOU.</span><br />
<span style="font-family: Arial, Helvetica, sans-serif;">Remember the old adage: Begin with the end in mind; What outcome do you want? Do you have an exit strategy to achieve that outcome?</span><br />
<span style="font-family: Arial, Helvetica, sans-serif;">My primary focus is helping business owners choose the future they want to create and guide them as the make the transition. It’s not retirement - an end; It’s a transition, beginning a new journey, one that can last decades. </span><br />
<span style="font-family: Arial, Helvetica, sans-serif;">In addition, if you intend an internal transfer, I can help you build the next generation of leaders/owners to carry your legacy forward. </span><br />
<span style="font-family: Arial, Helvetica, sans-serif;">Also, I can augment your team of legal and financial advisors to carry out your owner succession plan. </span><br />
<span style="font-family: Arial, Helvetica, sans-serif;">MY goal is to assist you in laying out your exit strategy well in advance of your needs with plenty of time to implement it in an effective, comprehensive manner.</span><br />
<span style="font-family: Arial, Helvetica, sans-serif;">I look forward to working with you to explore ways to help you lay out your exit strategy.</span><br />
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<span style="font-family: Arial, Helvetica, sans-serif;">I invite you to visit my web site at: <a href="http://www.life-work-transitions.com/">http://www.life-work-transitions.com/</a></span><br />
<span style="font-family: Arial;">Pete Wendel</span>Pete Wendelhttp://www.blogger.com/profile/14931181367726230676noreply@blogger.com0tag:blogger.com,1999:blog-5736213260554827957.post-57484246924299847162011-12-10T13:56:00.000-08:002011-12-10T13:56:46.801-08:00HOLIDAY SEASON READING IDEAS<span style="font-family: Arial, Helvetica, sans-serif;">The holidays – and vacation trips after the new year - can be times to slow the pace and do some extra reading.</span> <br />
<span style="font-family: Arial, Helvetica, sans-serif;">What to read? Here are some ideas – an eclectic list from which you might find one or two that tickle your fancy:</span><br />
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<span style="font-family: Arial, Helvetica, sans-serif;"><u>FOR BUSINESS OWNERS</u></span><br />
<span style="font-family: Arial, Helvetica, sans-serif;">E-MYTH REVISITED by Michael Gerber</span><br />
<span style="font-family: Arial, Helvetica, sans-serif;">A ‘must read’ for every business owner who wants to rethink their role and streamline their life.</span><br />
<span style="font-family: Arial, Helvetica, sans-serif;">BUILT TO SELL by John Warrilow</span><br />
<span style="font-family: Arial, Helvetica, sans-serif;">A parable about a business owner who restructures his business and sells it. A good guide for you if want to sell your business and move on with your life. </span><br />
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<span style="font-family: Arial, Helvetica, sans-serif;"><u>FOR ALL LEADERS</u></span><br />
<span style="font-family: Arial, Helvetica, sans-serif;">START WITH WHY by Simon Simek</span><br />
<span style="font-family: Arial, Helvetica, sans-serif;">Those who lead us inspire us. They lead by creating connections between our goals and the ‘why’ of those goals.</span><br />
<span style="font-family: Arial, Helvetica, sans-serif;">DRIVE by Daniel Pink</span><br />
<span style="font-family: Arial, Helvetica, sans-serif;">The three keys to motivating people – a very different, eye opening approach.</span><br />
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</span><br />
<span style="font-family: Arial, Helvetica, sans-serif;"><u>FOR OBSERVERS OF THE POLITICAL SCENE</u></span><br />
<span style="font-family: Arial, Helvetica, sans-serif;">THE BATTLE by Arthur Brooks </span><br />
<span style="font-family: Arial, Helvetica, sans-serif;">I, a ‘flaming moderate’ who is square in the middle between the left and right, found this short book to be a thoughtful and useful presentation of the conservative point of view. By the President of the American Enterprise Institute. </span><br />
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<span style="font-family: Arial, Helvetica, sans-serif;"><u>FOR BASEBALL FANS</u></span><br />
<span style="font-family: Arial, Helvetica, sans-serif;">HIGH HEAT by Tim Wendel</span><br />
<span style="font-family: Arial, Helvetica, sans-serif;">“The secret history of the fast ball and the improbable search for the fastest pitcher of all time.’</span><br />
<span style="font-family: Arial, Helvetica, sans-serif;"><em>(Full disclosure – made with great pride! Tim is our oldest son!) </em></span><br />
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<span style="font-family: Arial;">What have you read that you recommend? Tell us in the comments section.</span>Pete Wendelhttp://www.blogger.com/profile/14931181367726230676noreply@blogger.com0tag:blogger.com,1999:blog-5736213260554827957.post-76474642652575600202011-10-03T08:46:00.000-07:002011-10-03T08:46:06.758-07:00MORE THAN JUST 'YOUR FINANCIAL FUTURE'<span style="font-family: Arial, Helvetica, sans-serif;">Pacific Life Insurance, the one with the whales in its TV commercials, asks the question “Are you prepared for your retirement years – twenty five or more of them?”</span><br />
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<span style="font-family: Arial, Helvetica, sans-serif;">Of course, being a life insurance company the focus is on ‘Your financial future.”</span><br />
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<span style="font-family: Arial, Helvetica, sans-serif;"><strong>Twenty five years of ‘retirement’ is a long time!</strong> And it’s a likely probability for a lot of baby boomers. And there’s more ahead than just the financial part. There’s your life - life after you, a business owner, sell your business!</span><br />
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<span style="font-family: Arial, Helvetica, sans-serif;">Many, business owners have retained their financial and legal consultants to plan their financial future. That’s a good thing. It has been estimated that as much as <strong>70 to 85 per cent of many business owner’s net worth is in her/his business.</strong> So it’s smart to have a plan to harvest that investment from the business and move it into a personal portfolio.</span><br />
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<span style="font-family: Arial, Helvetica, sans-serif;">We all know of business owners who have no vision for life after retirement. So they just hold on to their business. They have no plans for the next phase of their life so they just keep doing what they know. They can’t move on! Instead of going out on top, they ‘stay when they should go,’ suffocating the business they built, that, in turn, sucks their personal savings back into the business to keep it alive.</span><br />
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<span style="font-family: Arial, Helvetica, sans-serif;">It doesn’t have to be that way. In addition to having a financial plan, every business owner needs to plan for their personal future – their next phase – and for the future of the company without them. </span><br />
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<span style="font-family: Arial, Helvetica, sans-serif;"><strong>The challenge is to think about their company and themselves as separate entities</strong> and to develop a transition plan, in advance, for each to go their own way. That’s more than just their financial future!</span><br />
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</span><br />
<span style="font-family: Arial, Helvetica, sans-serif;">In future articles we’ll explore the non-financial elements of your future as a business owner contemplating retirement.</span>Pete Wendelhttp://www.blogger.com/profile/14931181367726230676noreply@blogger.com0tag:blogger.com,1999:blog-5736213260554827957.post-7720373393042158402011-07-22T10:07:00.000-07:002011-07-25T09:44:07.952-07:00FIVE KEY QUESTIONS FOR EVERY BUSINESS OWNERSooner or later every business owner must address the question, “How will I successfully sell my business and move on with my life?”<br />
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Many of the owners I have talked to seem to be ‘marching in place’ acknowledging that they need to plan for their future but are in denial about the need to plan ahead. They seem to believe that the process is simple and the time to ‘make it happen’ will be short. Actually, that’s not the case for most of them.<br />
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Every Business Owner needs to develop a transition strategy with plenty of time to execute it 'on their time table' to withdraw their equity, assure the continued success of their business and, prepare, personally, for the 'next phase' of their life. <br />
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The transition strategy must address three key areas of concern:<br />
Financial<br />
Personal<br />
Company<br />
They often have addressed the financial aspect but not the other two.<br />
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<strong>Here are five key questions for the Business Owner to answer that become the building blocks of each Transition Strategy: </strong><br />
<strong> 1) How will I harvest my investment?</strong><br />
<strong> 2) Who will purchase my business?</strong><br />
<strong> Will I sell to an external buyer?</strong><br />
<strong> Will I sell internally - to my family, partners, key staff?</strong><br />
<strong> 3) What is the legacy I want to leave?</strong><br />
<strong> 4) What do I want to do in the next phase of my life?</strong><br />
<strong> 5) What is my timetable?</strong><br />
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Developing and implementing a Transition Strategy can be a long term process that begins with working out the answer to these questions, planning the strategy and identifying the action steps to 'make it all happen.'<br />
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All these questions are inter-related. For instance, the owner must decide who the prospective buyers might be. If it will be internal buyers, the seller must determine that the buyers are prepared well in advance. The buyers must have passion, the ability to manage the business and the money to buy the business on the owner’s terms.<br />
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Several owners I've worked with expected to sell to their partners or staff only to discover that there wasn't enough time or the potential buyers didn't have the resources. <br />
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I have also worked with several owners who think they are ready to sell the business but 'get cold feet' because they aren't prepared, emotionally, to move on with their lives. They haven't chosen a next phase of their lives after they make the transition. Making the decisions feels like a dead end or like falling off a cliff. So they hold on too long and their equity diminishes. <br />
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For the transition to be successful, the owner must addresses the five questions and develop a comprehensive Transition Strategy well in advance.<br />
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My work focuses on these five questions. I begin working with the business owner, helping her or him explore their aspirations and cataloguing the key issues they need to address to plan their transition, Working with the owner, and sometimes their key professional advisors, I help the owner identify he or/his desired results and develop a transition strategy to achieve those results. <br />
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In future articles, I’ll discuss various elements of the planning process.Pete Wendelhttp://www.blogger.com/profile/14931181367726230676noreply@blogger.com0tag:blogger.com,1999:blog-5736213260554827957.post-58538126494241875672011-05-02T13:28:00.000-07:002011-05-02T19:18:31.892-07:00SUCCESSFULLY EXITING YOUR BUSINESS<span style="font-family: Arial, Helvetica, sans-serif;"><strong>Seventy five per cent of all business owners regretted selling their business 12 months after the sale!</strong> (According to a recent survey by PriceWaterhouseCoopers)</span><br />
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<span style="font-family: Arial, Helvetica, sans-serif;">That’s a significant number! Especially for business owners whose life and identity are wrapped up in their business.</span><br />
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<span style="font-family: Arial, Helvetica, sans-serif;"><strong>The solution is not to hold on to the business.</strong> Owners who hold on are in danger of ‘staying when they need to move on,’ dragging the company down. </span><br />
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<span style="font-family: Arial, Helvetica, sans-serif;"><strong>Staying too long, the business owner ‘loses steam’</strong> and begins to drain the business of its vitality. Instead of being a revenue generator, the business ‘bleeds’ the owner’s investment. </span><br />
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<span style="font-family: Arial, Helvetica, sans-serif;"><strong>If you are planning an internal sale to your staff, partners etc., staying also limits the opportunity for the next generation</strong> to set a new direction - to infuse the company with the creativity and energy it needs to survive and grow. </span><br />
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<span style="font-family: Arial, Helvetica, sans-serif;"><strong>Seeing diminishing potential for personal opportunity, the best people may leave</strong> – joining your competition. </span><br />
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<span style="font-family: Arial, Helvetica, sans-serif;"><strong>The solution is for every business owner to envision a ‘Next <span style="color: black;">Phase’</span> of their life</strong> after work and create something to look forward to. This is a very personal challenge – one that takes time and contemplation.</span><br />
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<span style="font-family: Arial, Helvetica, sans-serif;">“<strong>What will I do next?” You decide!</strong> The Owners goal is to explore what beyond their business has personal meaning – to discover their deeper ‘Life Purpose’ and choose that ‘next phase’ of life that builds on that life purpose. </span><br />
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<span style="background-color: white; color: blue; font-family: Arial, Helvetica, sans-serif; font-size: x-small;">Choosing your ‘Next Phase’ is a challenge! To learn how I can help you, visit my web site </span><br />
<span style="background-color: white; color: blue; font-family: Arial, Helvetica, sans-serif; font-size: x-small;">www.Life-Work-Transitions.com</span>Pete Wendelhttp://www.blogger.com/profile/14931181367726230676noreply@blogger.com0tag:blogger.com,1999:blog-5736213260554827957.post-31002561249683369352011-03-30T11:38:00.000-07:002011-05-02T13:23:29.902-07:00IDENTIFYING A STROKE - with a new keyA neurologist says that if he can get to a stroke victim <strong>within 3 hou</strong>rs he can totally reverse the effects of a stroke...totally. He said the trick was getting a stroke recognized, diagnosed, and then getting the patient<br />
medically cared for within 3 hours, which is tough.<br />
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KEYS TO RECOGNIZING A STROKE<br />
Thank God for the sense to remember the '3' steps, STR. Read and Learn!<br />
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Sometimes symptoms of a stroke are difficult to identify. Unfortunately,<br />
the lack of awareness spells disaster. The stroke victim may suffer severe<br />
brain damage when people nearby fail to recognize the symptoms of a<br />
stroke.<br />
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Now doctors say a bystander can recognize a stroke by asking three simple<br />
questions:<br />
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<strong>S *Ask the individual to SMILE.</strong><br />
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<strong>T *Ask the person to TALK and SPEAK A SIMPLE SENTENCE (Coherently)</strong><br />
(i.e. It is sunny out today.)<br />
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<strong>R *Ask him or her to RAISE BOTH ARMS.</strong><br />
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If he or she has <u>trouble with ANY ONE</u> of these tasks, call emergency<br />
number immediately and describe the symptoms to the dispatcher.<br />
<strong>New Sign of a Stroke ????????------- Stick out Your Tongue</strong><br />
<br />
NOTE: Another 'sign' of a stroke is this: Ask the person to 'stick' out<br />
his tongue. If the tongue is 'crooked', if it goes to one side or the<br />
other that is also an indication of a stroke.<br />
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Please make a copy for your self - and share this with otners.<br />
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Pete WendelPete Wendelhttp://www.blogger.com/profile/14931181367726230676noreply@blogger.com0tag:blogger.com,1999:blog-5736213260554827957.post-38273235915184748012011-01-24T06:21:00.000-08:002011-01-24T06:21:02.357-08:00New Direction - New Name - New Web Site<span style="font-family: Arial, Helvetica, sans-serif;">Over the years I have felt the need to come up with a new name for my company that better expresses the work I do. “The Peter Wendel Group” just doesn't describe my work – it sounds too much like a musical group!</span><br />
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</span><div style="text-align: center;"><span style="font-family: Arial, Helvetica, sans-serif;">So my company has a new name </span><span style="font-family: Arial, Helvetica, sans-serif;"><br />
</span></div><div style="text-align: center;"><span style="font-family: Arial, Helvetica, sans-serif;"><strong>LIFE-WORK-TRANSTIONS</strong></span></div><span style="font-family: Arial, Helvetica, sans-serif;"></span><br />
<div style="text-align: center;"><span style="font-family: Arial, Helvetica, sans-serif;">Coaching Business Owners at Key Transitions </span><span style="font-family: Arial, Helvetica, sans-serif;"><br />
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<span style="font-family: Arial, Helvetica, sans-serif;">Many business owners, members of the Baby Boomer generation, will be considering transition over the next few years - selling their business and moving into the 'next phase' of their lives - maybe a 'meaningful, productive' retirement, maybe starting a new business or a myriad of other choices. </span><br />
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<span style="font-family: Arial, Helvetica, sans-serif;">To make a successful transition every business owner has to address - and successfully resolve - several questions:</span><span style="font-family: Arial, Helvetica, sans-serif;"><br />
</span><span style="font-family: Arial, Helvetica, sans-serif;">• Will I sell my business to my associates (internal) or to an outside owner?</span><br />
<span style="font-family: Arial, Helvetica, sans-serif;">• If an internal sale, are my people prepared? Do they have the skills to run the business and the money to buy it?</span><br />
<span style="font-family: Arial, Helvetica, sans-serif;">• Have I started my transition in time to make it work on my timetable?</span><br />
<span style="font-family: Arial, Helvetica, sans-serif;">• What will I do in the next phase of my life that will give me satisfaction and fulfillment? </span><br />
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<span style="font-family: Arial, Helvetica, sans-serif;">My focus is working with business owners - a distinct group with which I have had considerable experience, both as an owner and in my consulting practice over the last 21 years.</span><br />
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<span style="font-family: Arial, Helvetica, sans-serif;">I’ve seen too many business owners ‘held on too long’ getting ‘trapped’ in a declining business that bled their life investment. And it was too late to get out ‘on top.’</span><br />
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<span style="font-family: Arial, Helvetica, sans-serif;">Success depends upon making decisions early and developing a transition strategy with plenty of time ' to make it happen.' That's where I can help.</span><br />
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<span style="font-family: Arial, Helvetica, sans-serif;">Making a successful transition involves three key actions:</span><br />
<span style="font-family: Arial, Helvetica, sans-serif;"> - Choose your personal future</span><br />
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<span style="font-family: Arial, Helvetica, sans-serif;"> - Decide your company’s future</span><br />
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<span style="font-family: Arial, Helvetica, sans-serif;"> - Make a successful transition</span><br />
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<span style="font-family: Arial, Helvetica, sans-serif;">For an in-depth understanding of my new direction I invite you to visit my revised web site at:</span><br />
<div style="text-align: center;"><span style="font-family: Arial, Helvetica, sans-serif;"><a href="http://www.life-work-transitions.com/">http://www.life-work-transitions.com/</a></span></div><span style="font-family: Arial, Helvetica, sans-serif;"><br />
</span><span style="font-family: Arial, Helvetica, sans-serif;">If all this piques your interest, I'll welcome a chance to explore how I can help you. </span><br />
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</div>Pete Wendelhttp://www.blogger.com/profile/14931181367726230676noreply@blogger.com0tag:blogger.com,1999:blog-5736213260554827957.post-36719332788318792732010-08-14T11:50:00.000-07:002010-08-14T12:24:19.011-07:00FIVE WAYS YOUR BUSINESS OWNER'S WORLD IS CHANGING - Why you need to think about it<span style="font-family: Verdana, sans-serif;">Do you feel the earth moving under your feet? Every business owner is experiencing change. But each of you responds in the different way. Some anticipate and adjust – experimenting with new approaches and new processes. Others ‘hunker down’ and keep doing what worked, hoping that it will work again.</span> <br />
<span style="font-family: Verdana, sans-serif;">But the change is often so significant that ‘fine tuning’ what you used to do may not be enough. If you are unable to ‘meet your market,’ your company’s future is in doubt. Here are five ways change is occurring – some external, some internal.</span><br />
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<span style="font-family: Verdana, sans-serif;"><strong><u>Your Customers’ Buying Patterns are Changing</u></strong> Some are outsourcing, often overseas, products they bought from you. Some are abandoning old products and old production methods and no longer want the items your company used to sell to them. Or their product mix has changed and they aren’t buying as much from you that they used to. </span><br />
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<span style="font-family: Verdana, sans-serif;"><strong><u>Technology is Changing</u></strong> Your customer wants you to provide a better or different product/service - or produce it faster or cheaper. If you don’t or can’t meet their needs, they’ll find someone who will and you’ll lose that income stream.</span><br />
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<span style="font-family: Verdana, sans-serif;"><strong><u>Communication Methods are Different</u></strong> Face to face contact is still important to stay in touch with your current customers to understand how their needs and buying patterns are changing. You also need to be ‘out there’ finding prospective new customers and understanding how your markets are changing. In addition, you need to get the word out via the internet and the new social media. In addition to our web site, other electronic media (face book, blogs, newsletters, etc.) are essential to help prospects learn about your company’s unique capabilities. </span><br />
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<span style="font-family: Verdana, sans-serif;"><strong><u>Your Employees’ Attitudes Are Changing</u></strong> They know what’s going on in the world and in your markets. If they don’t see the company changing with the times, they get scared and start protecting their interests – working slower to make each job last, being unwilling to try new ideas, Or they leave your company to find new opportunities – often with the best people going first! </span><br />
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<span style="font-family: Verdana, sans-serif;"><strong><u>You Are Changing, Too</u></strong> Maybe you’re ‘running out of steam;’ losing your passion for this work. Maybe your knowledge and experience don’t match the changing world. Maybe you are ‘playing not to lose,’ no longer willing to take risks; not wanting to invest money in new methods, new equipment and training for your people. Maybe you don’t want to ‘get out there’ to meet with your customers and prospects – which brings us back to the first point!</span><br />
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<span style="font-family: Verdana, sans-serif;">The bottom line is that you need to ‘think bold and act bold.’ What used to work may not be good enough for your company’s survival and future success. </span><br />
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<span style="font-family: Verdana, sans-serif;">For you, the owner, its essential that you step back from your day to day problem solving and take a long term, big picture look at the new environment your company is operating in. And you may have to set a new direction to succeed in these new times.</span><span style="font-family: Verdana, sans-serif;"><br />
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<span style="font-family: Verdana, sans-serif;">Or, maybe, its time to face the fact that you and your company no longer fit in this changed world. If that’s the case, its time to transition into a new phase of your life: one that fits you and matches this different world. </span><br />
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<span style="font-family: Verdana, sans-serif;">Making that transition, as daunting as it may seem, is better than going down with the sinking ship!</span>Pete Wendelhttp://www.blogger.com/profile/14931181367726230676noreply@blogger.com0tag:blogger.com,1999:blog-5736213260554827957.post-47065091313765549122010-06-10T08:29:00.000-07:002010-06-10T08:29:24.348-07:00TRANSITION - The Next Phase of your Life<span style="font-family: Arial, Helvetica, sans-serif;"><strong>Business owners – and other executives – often have a difficult time retiring</strong> <strong>or making the transition</strong> out of their current role into the next phase of their life. They ‘keep on doing what they’re doing’ because they get great satisfaction from their work – and, unfortunately, because they have no idea what else they what they could do.</span><br />
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<span style="font-family: Arial, Helvetica, sans-serif;">Often, their financial advisors have helped them prepare, financially, but they are not ready, emotionally, to take that next step into the next phase of their life.</span><br />
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<span style="font-family: Arial, Helvetica, sans-serif;">Daniel Pink in his new book “Drive” introduces some fascinating ideas for managers who want to be better leaders and developers of their staff. Looking deeper, his ideas provide clues for business leaders who are contemplating their personal work-life transitions. Here, briefly, are Pink’s keys to motivation:</span><br />
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<ul><li><span style="font-family: Arial, Helvetica, sans-serif;"><strong>Autonomy</strong> – “Autonomy over task (what they do), time (when they do it), team (who they do it with), and technology (how they do it).</span><span style="font-family: Arial, Helvetica, sans-serif;"></span></li>
<li><span style="font-family: Arial, Helvetica, sans-serif;"><strong>Mastery</strong> – Becoming better at something that matters. “Challenges we face are uniquely matched to our abilities.” </span><span style="font-family: Arial, Helvetica, sans-serif;"></span></li>
<li><span style="font-family: Arial, Helvetica, sans-serif;"><strong>Purpose</strong> – Working on ‘a cause greater and more enduring than ourselves.’</span></li>
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</span><span style="font-family: Arial, Helvetica, sans-serif;">This approach, rather than the ‘carrot and stick’ method, is what brings out the best in people and produces better results, according to Pink. </span><br />
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<span style="font-family: Arial, Helvetica, sans-serif;"><strong>I believe that these were what business owners searched for when they made the decision to own a business.</strong> They may not have been aware but, as some subconscious level, they were looking for a work situation that would give then independence to follow their passion, build on their strengths and have control over what they do – to have autonomy, mastery and purpose in their life. Income potential was important, too. They may have expected to make more money but many business owners made a decision that to ‘go out on their own,’ even if working somewhere else would pay more. </span><br />
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<span style="font-family: Arial, Helvetica, sans-serif;"><strong>But there is a downside to their thinking.</strong> Business leaders stay when its time to move on. For the same reasons they decided to start, they can’t let go. They hold on for too long – when it’s time to step aside and let new people lead – younger people with more energy, a willing to take risks and use fresh approaches to match new challenges. The company they created begins to decline, eroding their investment when they need to be ‘harvesting’ it to build their retirement nest egg.</span><br />
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<span style="font-family: Arial, Helvetica, sans-serif;"><strong>The trouble with retirement is that it is viewed as an end</strong> – when a person stops doing something that gave meaning to life, and sees doing ‘nothing’ for the next 20 or more years. That’s not something to look forward to so they ‘stand pat.’ </span><br />
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<span style="font-family: Arial, Helvetica, sans-serif;"><strong>I prefer a process I call ‘Transition.’</strong> Transition involves planning ahead – discovering what about life (in work and elsewhere) gives great satisfaction and build those factors into a new lifestyle – one they can look forward with optimism and enthusiasm. </span><br />
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<span style="font-family: Arial, Helvetica, sans-serif;">What’s the key to making a successful transition? Finding something new that offers you fulfillment and a feeling of satisfaction. Daniel Pink’s three motivational factors: Autonomy, Mastery and Purpose are a good starting point.</span><br />
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<span style="font-family: Arial, Helvetica, sans-serif;"><strong>Transition begins with choosing your new life purpose</strong> – and building it into the next phase of your life. The key questions is: What will you do that merges your passions, your strengths and an opportunity to serve to live a life that is meaningful and satisfying to you? </span><br />
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<span style="font-family: Arial, Helvetica, sans-serif;">Maybe it’s an unfulfilled dream or a hobby. Maybe it’s for money – maybe it’s not. Maybe its full time – maybe its something that you do at a slower pace that matches your energy level while giving you time for other pursuits; exercise, reading, gardening, family, travel, etc. </span><br />
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<span style="font-family: Arial, Helvetica, sans-serif;">Purpose is not just a hollow kind of ‘doing nothing.’ <strong>Purpose is something that is distinctly ‘you.’</strong> Choosing it will take time. It’s important to start planning long before you leave your current work. I have worked with clients who took several months to sort things out and make a personal, lasting decision that best suited them. </span><br />
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<span style="font-family: Arial, Helvetica, sans-serif;">Autonomy and Mastery evolve out of a clear purpose. Your purpose guides your decisions about what you will do, how you will work, and who you will work with. Over time, you will build on your unique skills to develop the mastery you need to achieve your chosen purpose. </span><br />
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<span style="font-family: Arial, Helvetica, sans-serif;"><strong>What is there about your current life that excites you, that you enjoy and can build on to create the next phase of your life?</strong> How will you create your future doing something that gives you satisfaction and enables you to build a special combination of personal Autonomy, Mastery and Purpose? </span><span style="font-family: Arial, Helvetica, sans-serif;"><br />
</span><span style="font-family: Arial, Helvetica, sans-serif;">What is your personal transition plan? I help business owners develop their work/life transitions into the next phase of their lives. I can help you. Contact me to set up a complimentary session to explore your options. </span><br />
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<span style="font-family: Arial, Helvetica, sans-serif;">pkwendel@aol.com – 716 434 8688</span><br />
<span style="font-family: Arial, Helvetica, sans-serif;">www.peterwendelgroup.com</span>Pete Wendelhttp://www.blogger.com/profile/14931181367726230676noreply@blogger.com0tag:blogger.com,1999:blog-5736213260554827957.post-70296338641347724522010-04-26T12:59:00.000-07:002010-04-26T12:59:48.633-07:00WHEN WILL YOU SELL YOUR BUSINESS?<span style="font-family: Arial, Helvetica, sans-serif;">Remember the “Parable of the Boiled Frog?” If we put a frog near hot water it will sense danger and hop away. But if we put it in cool water and slowly heat the water, the frog, not responding to the changing conditions, will just sit there till it perishes in the boiling water. </span><br />
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<span style="font-family: Arial, Helvetica, sans-serif;">How does a business owner avoid the ‘boiled frog’ fate? Whatever the business, there will be at a time sell it and move on. Making that transition can be a gut wrenching. Planning in advance is essential to making the transition that is effective and low stressful. When should he or she begin to thinking about selling/leaving the company?</span><br />
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<span style="font-family: Arial, Helvetica, sans-serif;">There are a variety of opinions about when to start planning. Some say begin planning at start up – put a long term perspective on the process. (Remember the admonition of Steven R Covey in The 7 Habits of Highly Effective People to “Begin with the End in Mind!”) That’s probably ‘a long stretch’ for some people but there is wisdom in the suggestion. </span><br />
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<span style="font-family: Arial, Helvetica, sans-serif;">Others suggest that a good time to start planning is during the ‘empty nest’ part of life – when the kids leave home and the rhythms of life change. We realize that the future will be different and there is a new incentive to ‘look down the path’ to a different lifestyle.</span><br />
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<span style="font-family: Arial, Helvetica, sans-serif;">Certainly the ‘last chance’ to develop a transition strategy is when the owner is in his or her mid to late fifties. The clock is ticking. The future becomes less certain, fewer options are available and there is less time to execute the transition. </span><br />
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<span style="font-family: Arial, Helvetica, sans-serif;">Let me give a personal perspective. For 32 years I worked in a business started by my Dad. During my time with the company, I guided it through a cultural and organizational metamorphosis to become the largest locally owned consulting engineering firm in the Buffalo – Niagara region. By then, I had developed new interests and it was time for me to move on. After five years of planning, I made the decision to sell my ownership in the business. It probably would have taken longer but my partners – the next generation - were in place and ready to buy the business from me. That business, now called The Wendel Companies, has continued to grow and is extremely successful. I didn’t retire. I made my life transition and formed the Peter Wendel Group. I know I made the right decision. As the saying goes, “The rest is history!” </span><br />
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<span style="font-family: Arial, Helvetica, sans-serif;">The point is that a business can’t be sold unless the owner is ready to sell. The world is full of companies that ‘died on the vine’ because the owner hung on too long and ended up having to have a fire sale of buildings and equipment. There was minimal value left in the business itself. </span><br />
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<span style="font-family: Arial, Helvetica, sans-serif;">A successful sale begins with a personal strategy. Developing that personal strategy is best done over time. For the owner to be ready to sell and move on he or she must have addressed a wide range of issues: </span><br />
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<span style="font-family: Arial, Helvetica, sans-serif;">“I will sell my business when…….” </span><br />
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<span style="font-family: Arial, Helvetica, sans-serif;">“I have a clear vision of what the next phase of my life will be – I have chosen my future lifestyle to achieve my vision.” </span><br />
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<span style="font-family: Arial, Helvetica, sans-serif;">“I have chosen a lifestyle for the next phase of my life that has purpose and will give me fulfillment.” </span><br />
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<span style="font-family: Arial, Helvetica, sans-serif;">“The next phase of my life will generate the level of income I need to supplement the income from the sale of my business.”</span><br />
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<span style="font-family: Arial, Helvetica, sans-serif;">“I will sell my company to my partners, associates and family members” or </span><br />
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<span style="font-family: Arial, Helvetica, sans-serif;">“I will sell my company to an outside buyer.” </span><br />
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<span style="font-family: Arial, Helvetica, sans-serif;">The moral: the business will change over time. If the owner doesn’t sense the change, he or she will stay there too long and lose the chance to ‘get out when the time is right.’ They become a boiled frog!</span><br />
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<span style="font-family: Arial, Helvetica, sans-serif;">What is your personal transition plan? Is it time to start planning? I help business owners who want to develop their life/work transitions into the next phase of their lives. I can help you. Contact me to set up a complimentary session to explore your options.</span><br />
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<span style="font-family: Arial;">Pete Wendel</span><br />
<span style="font-family: Arial;">716 434 8688</span><br />
<span style="font-family: Arial;"><a href="mailto:pkwendel@aol.com">pkwendel@aol.com</a></span>Pete Wendelhttp://www.blogger.com/profile/14931181367726230676noreply@blogger.com0tag:blogger.com,1999:blog-5736213260554827957.post-63412465462135665072010-04-16T07:43:00.000-07:002010-04-16T07:50:48.834-07:00THREE RETIREMENT STRATEGIES<span style="font-family: Arial, Helvetica, sans-serif;">In my work with business owners, I encounter three strategies for dealing with ‘work-life transitions’ – often called retirement. </span><br />
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<span style="font-family: Arial, Helvetica, sans-serif;">The first strategy is to ignore the problem and just keep on working – even after they have lost their ‘edge,’ their passion and their energy. They don’t have an alternate lifestyle to move into so they just keep doing the only thing they know. They stay too long and suck the life out of their business, significantly reducing the value of their equity in the process. </span><br />
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<span style="font-family: Arial, Helvetica, sans-serif;">Then, one day, they’ve ‘had it.’ Without much prior planning, they quit – maybe because of poor health or because the business is failing and is no longer sustainable or they just ‘burnout.’ They have no idea what they will do next or what will happen with their business. They sell the business when they have to, instead of when the want to, maybe for ‘pennies on the dollar.’ And the life they are left with is empty, sterile, and directionless. They struggle between meaningless activity and boredom.</span><br />
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<span style="font-family: Arial, Helvetica, sans-serif;">There is a second, special kind of people who successfully keep on working: artists, writers, some attorneys and others who work independently, without an organization to support them. Their value is their personal work, not the organization they lead. ‘Living their passion,’ they do it as long as they can, often into their 80s and 90s. For example, Peter Drucker, the prolific management writer (over 30 books) and consultant remained active, albeit in a somewhat diminished role until he died at age 95 in 2005. For him, his work and his passion were one in the same – to work is to live.</span><br />
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<span style="font-family: Arial, Helvetica, sans-serif;">The third group follows a different strategy. They plan ahead, thinking ‘transition’ long before the time when they will leave the business. Even while still actively working, they regularly step back from the day to day operation of their business and begin to plan for the next phase of their life. Ultimately, they leave on their own terms. </span><br />
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<span style="font-family: Arial, Helvetica, sans-serif;">This third strategy could involve starting a new business, take a new role in their original company or working somewhere else. Or they might work with a cause for which they have a great passion. This life of service gives them great pleasure and satisfaction -– giving them ‘psychic income’ while providing a much needed service. And they have time for personal/family pursuits. </span><br />
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<span style="font-family: Arial, Helvetica, sans-serif;">There are several of keys to planning a successful departure from the business: </span><br />
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<ul><li><span style="font-family: Arial, Helvetica, sans-serif;">Choosing the ‘next phase’ of their life,</span><span style="font-family: Arial, Helvetica, sans-serif;"></span></li>
<li><span style="font-family: Arial, Helvetica, sans-serif;">Building a sustainable, saleable business, </span><span style="font-family: Arial, Helvetica, sans-serif;"></span></li>
<li><span style="font-family: Arial, Helvetica, sans-serif;">Deciding whether to sell internally, to partners, associates and/or family members, or externally to an outside buyer, </span></li>
<li><span style="font-family: Arial, Helvetica, sans-serif;">Fully withdrawing their investment before giving up control.</span></li>
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</ul><span style="font-family: Arial, Helvetica, sans-serif;">This whole range of decisions depends upon the owner's personal decision to ‘move on’ with their life and the personal transition strategy he or she develops to make the move. This personal decision becomes the basis for all subsequent decisions. </span><br />
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<span style="font-family: Arial, Helvetica, sans-serif;">All this takes time – often several years. So it’s important to start early. Waiting too long can severely limit a person’s options both for himself and for the business. </span><br />
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<span style="font-family: Arial, Helvetica, sans-serif;">The moral? Start thinking about the next phase of your life and regularly block out time to make choices about how you will create a meaningful, fulfilling life after your work/life transition. </span><br />
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<span style="font-family: Arial, Helvetica, sans-serif;">What is your life strategy? What thought have you given to your future? What will be the next phase of your life – after you transition out of your business? What are you planning for the future of your company after you move on? When is that last time you took time to give this serious consideration? What are you going to take some more time to do it again? </span><br />
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<span style="font-family: Arial, Helvetica, sans-serif;">I work with business owners who are contemplating retirement. I can help you. Contact me to explore your options and develop a plan for your future. Call me by April 30 and our first conversation is complimentary. </span>Pete Wendelhttp://www.blogger.com/profile/14931181367726230676noreply@blogger.com0tag:blogger.com,1999:blog-5736213260554827957.post-884380040611989802010-03-18T11:42:00.000-07:002010-03-19T07:39:03.337-07:00Retirement Challenges Every Business Owner Must Face<span style="font-family:arial;"><em><strong>Dilemma:</strong> A situation involving a choice between equally unsatisfactory alternatives.</em><br /><br /><strong>Sooner or later, all business owners will face a time when they need to make decisions about their future – specifically their retirement.</strong> They love what they are doing but they recognize that ‘things are changing’ and they have to change, too. They want to stay but know they must step aside. They face two dilemmas.<br /><br /><strong>One dilemma</strong> is the choice between staying with the business because they love what they are doing versus holding on for too long and stifling the company’s future, dragging it down, and burning up their personal net worth (retirement income) in the process.<br /><br /><strong>Another dilemma</strong> is the choice between selling internally – to family, partners, staff – expecting to leave a legacy versus selling to an outside buyer, generating more retirement income but giving up hope for having an impact on the future of the company.<br /><br />Resolving both dilemmas depends upon the selling owner making <strong>strategic decisions</strong> well in advance of the time when he or she must begin execution.<br /><br />The issues are both personal and business related but the <strong>beginning point is personal</strong>. The seller’s personal decisions will provide the framework for the business decisions that will follow.<br /><br />Both dilemmas are difficult to resolve unless the owner is willing to make and execute choices - <strong>to look forward, to create a new life</strong> that is as equally attractive and potentially satisfying as running the business. I call that “Building a boat to step onto before walking off the dock.”<br /><br />Over the <strong>next several articles</strong>, we will look into these two dilemmas and explore strategies for business owners to resolve them – to make their “Grand Transition” into the “Third Phase” of their life.</span>Pete Wendelhttp://www.blogger.com/profile/14931181367726230676noreply@blogger.com0tag:blogger.com,1999:blog-5736213260554827957.post-50973931213111839732010-02-23T17:44:00.000-08:002010-02-23T18:44:15.851-08:00RETIREMENT PLANNING FOR BUSINESS OWNERS<span style="font-family:arial;">Next Tuesday March 2, Pete Wendel will be the featured speaker at the Niagara University Family Business monthly breakfast. His subject is "Business Owners - Are you prepared to retire?"</span><br /><span style="font-family:arial;">In this session he'll explore factors to consider in preparing yourself and your business for a successful transition into the 'Third Phase' of your life.<br /></span><span style="font-family:arial;">Successful transition is a long term process. Questions covered will include: Have you planned a meaningful life after work? Will your business continue? Will you be prepared financially?<br />.<br /><em>There are a limited number of openings available for guests. </em></span><span style="font-family:arial;"><em>To register go to <strong><a href="http://www.niagara.edu/fbc">www.niagara.edu/fbc</a></strong>.</em></span> <em><span style="font-family:Arial;">There is no charge. </span></em>Pete Wendelhttp://www.blogger.com/profile/14931181367726230676noreply@blogger.com0tag:blogger.com,1999:blog-5736213260554827957.post-90395606107430339182010-01-26T12:47:00.000-08:002010-01-31T08:06:04.690-08:00BRETT FAVRE AND YOU - WHAT'S NEXT?<strong><span style="font-family:arial;">Thoughts about Planning your Exit Strategy</span></strong>
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<br /><span style="font-family:arial;">A few years ago, Brett Favre retired as the long time quarterback for the Green Bay Packers NFL football team. Apparently he wasn’t ‘prepared’ for retirement because a few months later he signed with the New York Jets. This season he joined the Minnesota Vikings and led them to the conference championship game. </span>
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<br />When Favre went through his “I’m retired, I’m not retired” turnaround, I wrote about it, drawing an analogy between him and lots of business owners contemplating retirement. Now, at forty – he’s the oldest quarterback in football - he will soon face the same situation once again. It’s only a matter of time before he retires, voluntarily or otherwise.
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<br /><strong>You, a business owner, will someday be facing the same challenge.</strong> You’ll be asking similar questions like “How will I retire?” “When is the right time?” What will I do with the rest of my life?” And others like “What do I do with my business?” “How do I get my money out?”
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<br /><strong>Unlike Farve, whose focus is primarily personal, yours must be in three areas: Financial, Business and Personal.</strong>
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<br />One presumes that Favre is set financially. </span><span style="font-family:arial;"><strong>With the help of your financial and legal advisors, you are addressing this. (You are, aren’t you!?) </strong></span>
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<br /></strong>From a business standpoint, the management of the football team has planned for the team’s continuity. Indentifying and developing their next quarterback, along with players for other positions, is one of their responsibilities. Continuity of the team is not part of Favre’s MO.
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<br /><strong>Business continuity is a challenge you and every business owner must address to assure that you can withdraw your investment from your business</strong> to your personal investment portfolio. Whether you sell internally, to your partners, family and/or staff, or externally, to outside buyers, you need to develop an exit strategy. That strategy will determine your transition plans. To successfully implement your plans it’s important to start early. It’s a long term process.
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<br /><strong>Probably the biggest challenge, whether to Favre or to you, is the personal side.</strong> Favre is ‘only forty,’ probably with more than half his life ahead of him. But he may have no choice about when he retires – the team management may make that decision for him.
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<br /><strong>You can expect a life after ‘retirement’ of twenty years – maybe more. You have control over your timing.</strong> It’s your business. But if you hold on too long you may see your business – what you worked so hard to build – wither away, diluting your investment as it goes.
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<br />In both instances, Favre and you, <strong>the key is to rethink ‘retirement.’ It’s not the end. It’s a ‘transition’ from one life style to another.</strong> I hope that Favre, after his retirement dilemma of a few years ago, spent some productive time building his ‘new life after football’ so that he has something to move into, to look forward to. I call this “Building a boat to step into when you walk of the dock.”
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<br /><strong>What about you?</strong> It’s important to start early making personal and business decisions that weave together financial, business and personal factors to create a transition that assures a meaningful, fulfilling life, provides adequate income to live it and, if you want it, leaves a successful, ongoing business as your legacy.
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<br /><strong>It’s never too early to start planning your transition.</strong> How about today? </span>
<br /></span>Pete Wendelhttp://www.blogger.com/profile/14931181367726230676noreply@blogger.com0tag:blogger.com,1999:blog-5736213260554827957.post-66055873194611611682009-11-05T12:09:00.000-08:002009-11-05T13:27:13.479-08:00EVALUATING YOUR POTENTIAL SUCCESSORSA key factor in planning for your retirement (what I call your transition) is being confident that the people who will succeed you have the 'timber' (aka the ability, passion, knowledge etc.) to lead your company into the future.<br /><br />Choosing and developing them is one of your challenges. It's an obligation you have to your partners, shareholders and other staff members.<br /><br />If you fail, all the rest of your work in building a sustainable organization will have been wasted. You will have failed in leaving your legacy.<br /><br />Many leaders and owners pick their potential successors based on erroneous assumptions about 'What it takes' to be a leader. They incorrectly assume that loyalty, longevity, good technical competence, being a family member, etc. are the best criteria to use.<br /><br />That's what it takes to be a good 'Number two' - a good 'doer.' That MAY qualify then to be good managers - this is not what it takes to be a leader. There are relativly few people who can lead.<br /><br />What's the difference between a good manager and a good leader? A recent article in the <a href="http://guides.wsj.com/management/developing-a-leadership-style/what-is-the-difference-between-management-and-leadership/?mod=rss_WSJBlog">Wall Street Journal</a> is a good reference.<br /><br />You may have lots of good managers in your company. And you'll be lucky - or brilliant - if you have surrounded youself with several people who have leadership potential - the qualifications to lead the company after you step aside.<br /><br />THE BOTTOM LINE; take a long, hard look at the people around you.<br /><br />Identify those who have leadership potential and focus on grooming them. <em>If you don't have what you need, start searching - outside your company NOW</em>. And stop wasting your time trying to make your good managers into mediocre leaders!Pete Wendelhttp://www.blogger.com/profile/14931181367726230676noreply@blogger.com0tag:blogger.com,1999:blog-5736213260554827957.post-49887693010787272542009-10-24T07:49:00.000-07:002009-10-26T05:10:59.999-07:00What do you owe your children?<span style="font-family:arial;">This is question every parent has faced - especially parents who own their own business. </span><br /><br /><span style="font-family:arial;">Do you owe them a job in the business? Do you owe them guaranteed income? </span><br /><br /><span style="font-family:arial;">When our kids were growing up Janie, my wife and their Mom, had a phrase that became our guide: "Every pot has to set on its own bottom." In other words, our goal was teach them to be self-suffcient - to discover what their life passion was and to support them in their quest to achieve it. </span><br /><br /><span style="font-family:arial;">In other words, the goal was to help them identify what really mattered to them and not expect them to live out some dream we may have had for them. Although I was an engineer, there was no need for them to become engineers - unless that was what they wanted to be. They didn't have to move back to Lockport, where we live - unless they wanted to. They didn't have to come back to the business - unless they wanted to. (None became engineers, none moved back home and none joined the business. That was OK for us.)</span><br /><br /><span style="font-family:arial;">We are pleased for their personal successes - each in their own way.<br /></span><br /><span style="font-family:arial;"></span><br /><span style="font-family:arial;">Every parent needs to ask themselves what they owe their kids. This seems to be a key question for business owners when they think about their children and their business. Somehow there seems to be an unspoked assumption that the best thing for at least one of the kids is to come into the business. The business owner may see that as the step to leaving their legacy. The child may see this as a easy step to take without any deep thought about what really matters to them, what they want to accomplish with their lives. It may or may not be the best move - for the owner, for the child (who is now an adult) or the business. </span><br /><br /><span style="font-family:arial;">Which brings me to the question "What do you owe your children?"<br /></span><br /><span style="font-family:arial;">First, let me offer some ideas about what you don't owe them. You don't owe them a job. You don't own them a steady income. Your don't need to decide their life purpose. </span><br /><br /><span style="font-family:arial;">You do owe them love and support while they are educating themselves - only partial if that's all you can afford. You owe them nuturing while they are growing up. You owe them a lasting set of values that will enable them to live a successful, caring life that enhances our culture. </span><br /><br /><span style="font-family:arial;">Then you owe them the opportunity to develop self discipline and self suffciency. You owe them respect for who they are - even though it may not be what you had hoped of them. </span><br /><br /><span style="font-family:arial;">Last, but not least, you owe them the freedom to follow their own path and to grow into supportive, caring individuals who offer the same to those around them. </span><br /><br /><span style="font-family:arial;">After they have sorted this all out and developed clarity about their self identity, if they decide they want to join your business, the odds are that you'll have a great staff member with potential to be a future leader! </span>Pete Wendelhttp://www.blogger.com/profile/14931181367726230676noreply@blogger.com0tag:blogger.com,1999:blog-5736213260554827957.post-9823370584696022762009-10-21T21:27:00.000-07:002009-10-22T08:15:43.055-07:00Three Important Questions Before Retirement<span style="font-family:arial;">I've been thinking a lot about business owners considering retirement who will be selling their business. There are, to me, three key questions that every business owner needs to address for their retirement to be successful: </span><br /><br /><ol><br /><li><span style="font-family:arial;"><strong>Will</strong></span><span style="font-family:arial;"><strong> I have the money I need to support the life I want to live after I retire?</strong> That involves money I have saved and invested, my retirement funds and the proceeds from the sale of my interest in the business.</span></li><br /><li><span style="font-family:arial;"><strong>Have I built a strong sustainable company that will continue after I move on?</strong> Have I developed the people with the passion and the competence to lead the business and hold to the values I instilled?</span></li><br /><li><span style="font-family:arial;"><strong>Have I chosen a meaningful life after work that I will move into?</strong> I know that successful retirement is not an ending, It's a transition into a different 'venue' - one that will give me satisfaction because I am doing something I love to do. To be successful I need to prepare for the 'Third Phase' of my life.</span></li></ol><br /><p><span style="font-family:arial;">People who have answered these questions in a way that matches their aspirations can move on knowing that they can make a successful transition and leave a successful business as their legacy.Those who haven't are in danger of holding on too long and destroying the very business they spent their life to create.</span></p><br /><p><span style="font-family:arial;">What about you? Are your prepared for retirement? If you are in your late fifties or early sixties think long and hard about these questions as if your life depended on it. Because it does!</span></p>Pete Wendelhttp://www.blogger.com/profile/14931181367726230676noreply@blogger.com0tag:blogger.com,1999:blog-5736213260554827957.post-5939658607663199932009-10-07T14:43:00.000-07:002009-10-07T15:07:46.909-07:00THE DAY THE LIGHTS WENT OUT.<span style="font-family:arial;">We lost our power today - twice - and I was amazed at how that changed my work pattern. </span><br /><span style="font-family:Arial;"></span><br /><span style="font-family:Arial;">I couldn't get on the computer - and, of course, I couldn't get on the internet. Besides that, I couldn't use the phone - and no calls came in! In other words, all of my major distractions - the activities that keep me from staying focused - were 'off the table!' </span><br /><span style="font-family:Arial;"></span><br /><span style="font-family:Arial;">I've often suspected that I have a minor case of ADD (now called ADHD) because it's really difficult for me to work on one task for an extended period of time. I like to 'keep lots of balls in the air' and move back and forth from task to task, doing a bit on one and a bit on another, etc, throughout the day.</span><br /><span style="font-family:Arial;"></span><br /><span style="font-family:Arial;">Having the computer and the internet and the phone available lets me flit from one activiity to another having a grand time but being frustrated that I don't get more done. </span><br /><br /><span style="font-family:Arial;">Today was different. The screen was blank, the phone was dead and I was left to working on projects in my notebook. It was a cloudy, gray day, even too dark to read. I still flitted a bit but my 'range of activity' was limited. I could only focus on what I could do in my notebook. I got a lot done!</span><br /><br /><span style="font-family:Arial;">By the time the power came back on I had made 'real progress' in several tasks that had been 'hanging over my head.' It was a very productive afternoon!</span><br /><br /><span style="font-family:Arial;">Now the question is 'What did I learn?' 'How will I do things differently, better tomorrow and the rest of the week?' </span><br /><br /><span style="font-family:Arial;">Only time will tell!</span>Pete Wendelhttp://www.blogger.com/profile/14931181367726230676noreply@blogger.com0tag:blogger.com,1999:blog-5736213260554827957.post-45291082016226600692009-10-03T05:40:00.000-07:002009-10-04T09:55:38.473-07:00DISCOVERING COMMON GROUND<span style="font-family:arial;">Yesterday, I made a presentation on business succession planning at the Niagara EXPO and the conversation with the group was facinating! </span><br /><span style="font-family:arial;"></span><br /><span style="font-family:arial;">The conversation focused on the three elements of successful succession: <strong>Financial, Organizational and Personal </strong>transition. My beginning mindset was on business leaders and business owners contemplating retirement. </span><br /><span style="font-family:arial;"></span><br /><span style="font-family:arial;">But the majority of people in the room were not business leaders or business owners! They were middle managers and even a couple of folks just out of college who were a long ways from retirement. So I 'fine tuned' the presentation to fit their interests and backgounds. </span><br /><span style="font-family:arial;"></span><br /><span style="font-family:arial;">I had a similar experience a few weeks ago when I presented to a group of financial planners. I started talking about business owners and discovered that many in the room had shifted their 'take' on the presentation to their personal situations! </span><br /><span style="font-family:arial;"></span><br /><span style="font-family:arial;">The neat thing about both experiences was that the three part focus: financial, organization and personal resonated with both groups! I discovered that no matter where a person is in their life, when they step back to gain a perspective, they have concerns/interests in all three areas. </span><br /><span style="font-family:arial;"></span><br /><span style="font-family:arial;">They discover that they need to think about where they are and where they want to go - and then make 'life adjustments' to get themselves on track to live a live that will be rewarding and fulfilling to them. They must live their lives by their standards and values, not someone else's. </span><br /><span style="font-family:arial;"></span><br /><span style="font-family:arial;">So I'll keep my three part focus but expand my perspective to a wider range of people including business leaders and owners and others, too.</span>Pete Wendelhttp://www.blogger.com/profile/14931181367726230676noreply@blogger.com1tag:blogger.com,1999:blog-5736213260554827957.post-35327719728500017992009-09-28T12:00:00.000-07:002009-09-28T12:00:01.358-07:00YOU HAVE TO LET GO TO WIN<span style="font-family:arial;">A few days ago the <a href="http://www.gallup.com/poll/122960/Business-Owners-Richer-Job-Types.aspx">Gallup Organization</a> published the results of an eight month survey that showed that business owners have the highest overall well-being of any occupation group – followed closely by Professionals and Managers/Executives.<br /><br />Another <a href="http://progrowthteam.com/blog.php?page=view&blog_id=24">article</a>, published immediately after the Gallup publication, said the findings ‘reflect the importance of being able to choose the work you do and how you do it. The way you manage your time, and the way you respond to adversity.”<br /><br />In other words, business owners and, to a slightly lesser extent, professionals and managers/executives, derive greater ‘psychic income’- emotional satisfaction – from their work than most other groups.<br /><br />It's no wonder they don’t give much thought to retirement – what they will do in the ‘third phase’ of their lives. I hear comments like: “I’m happy doing what I’m doing,” “I just going to keep on doing it,” “I’m not ready,” “The company <span id="SPELLING_ERROR_0" class="blsp-spelling-error">isn</span>’t ready,” etc.<br /><br />Thinking about making their transition requires them to take time from what they enjoy (love!) doing – so the put it off ‘til later, ‘when I’<span id="SPELLING_ERROR_1" class="blsp-spelling-error">ve</span> got time.’<br /><br />The downside is that they are in danger of suffocating their business – the very thing that the have spent their life building!<br /><br />They run out of personal energy and ideas, the company loses its competitive edge and the best of the next generation, the potential future leadership, seeing no opportunity for growth, move on while the mediocre hang and ‘settle in.’ Slowly, the business ‘dies in the vine’ and the leader’s lifetime investment is squandered.<br /><br />Every business leader – to assure a successful transition needs to ask – and answer – questions in three key areas:<br />FINANCIAL - How will I transfer my wealth out of the business into my personal portfolio?<br />ORGANIZATIONAL - How will I create my legacy – a strong, sustainable company that will thrive after I retire?<br />PERSONAL - How will I build a meaningful ‘third phase’ of my life – something I am looking forward to after I retire?<br /><br />Doing all this takes time – time to transfer your wealth, time to build your organization and develop the people to lead it, and time to create your new life. Waiting too long can limit, even destroy your ability to make a successful transition.<br /><br />No matter how much you love what you are doing now, it’s essential to start planning early. When is the right time? It all depends on your specific circumstances. The key is to start early rather than late. Start too late and you can lose every thing you built – and end up ‘lost in the wilderness.’<br /></span>Pete Wendelhttp://www.blogger.com/profile/14931181367726230676noreply@blogger.com0tag:blogger.com,1999:blog-5736213260554827957.post-54783068315113485532009-07-15T10:58:00.000-07:002009-07-17T05:33:32.041-07:00LETTING GO OF WHAT DOESN'T WORK<span style="font-family:arial;">A couple of days ago, I tried to fix a leaking faucet that was keeping me awake at night. I worked on this kind of faucet many times so I was confident I could fix it easily. I got the right parts, right tools and went to work.</span><br /><span style="font-family:arial;"><br />Everything came apart without a problem. I nearly had it back together when I was stopped dead. I couldn't put the cap back on! I tried a whole bunch of times but couldn't finish the job.<br /></span><br /><span style="font-family:arial;">Finally, I gave up and walked away in frustration and disgust - and a bit of anger. What should have been a half hour 'piece of cake' was an incomplete project. What made it even worse was that the sink was the one that Janie, my wife, uses. A bad situation! I didn't want to leave 'broken' for long. </span><br /><span style="font-family:arial;"><br />So the next evening, I tried again. In two seconds, I realized my problem and after trying something different - putting two parts together in the opposite sequence - the thing went together like clockwork! I was done in five minutes.<br /><br />It reminded me of trying to solve algebra problems in high school. I'd come to a point, get stuck and, no matter how times I tried, I couldn't solve the problem. Later, I'd come back to it will an open mind, not trying to solve it the 'old' way and solved it in a flash.<br /><br />I don't do algebra anymore but the lesson is still there. Sometimes when we get struck trying to solve problems the same old way over and over, we make no progress and get frustrated. The key is step back, forget the old approach and try something new. <strong>Often that's all it takes to be successful - think about the problem with a 'fresh' approach. </strong><br /><br />That same lesson applies to other parts of our life, too. Remember the old saying "If you keep doing what you're doing, you'll end up with what you've got."<br /><br /><strong>This is true in planning your life transitions whether a new job, a new career or retirement.</strong> When you are moving into a new phase of your life, the odds are that what worked in the old situation won't help in the new. <strong>Difficult as it is to do, you have to let go of what you've been doing and do something different.</strong><br /><br />You have to let go of your old assumptions, old rituals, old methods, sometimes even old relationships to move on.<br /><br />What kind of change do you want to make in your life or your work? What isn't working that needs to change? <strong>Take some time, choose what you want to create, let go of what you're doing now and try something different.<br /></strong><br />The future will be different than the past. It can be a step forward if you, like me fixing the leaking faucet, try something different. </span>Pete Wendelhttp://www.blogger.com/profile/14931181367726230676noreply@blogger.com2tag:blogger.com,1999:blog-5736213260554827957.post-76819359144288045492009-06-17T18:47:00.000-07:002009-06-18T06:21:11.107-07:00RETHINKING MY MISSION STATEMENT<span style="font-family:arial;">Ever since I 'finalized' my mission statement (see the masthead at the top of this blog) a few months ago, I've had an uneasy feeling. It just wasn't quite right. </span><br /><br /><span style="font-family:arial;"></span><br /><br /><span style="font-family:arial;">First, my focus isn't just business owners - its business leaders, both owners and non owners. </span><br /><br /><span style="font-family:arial;"></span><br /><br /><span style="font-family:arial;">My expertise (and my passion) is in two areas:<br /></span><br /><ul><li><span style="font-family:arial;">Helping business leaders build the next generation of company leadership - including both their successor and the leadership team - to assure the future success of the company.</span></li><li><span style="font-family:arial;">Helping those leaders plan and implement their personal transition from the business into life after work - what I call their 'third phase.' </span></li></ul><br /><br /><p><span style="font-family:arial;">Second, ownership transfer, including 'harvesting income upon retirement' is the work of lawyers and financial advisors - people the business owner (hopefully) already has retained. </span></p><br /><p><span style="font-family:arial;">My role is as a personal coach, team builder and strategic planner - all areas of focus significantly different than the work of lawyers and financial advisors. I might often interact with these professionals but, most of the time, I see myself working directly with leaders and the leaders' team. </span></p><br /><p><span style="font-family:arial;">So, based on this reasoning, I have changed my mission statement to:</span></p><br /><p><strong><em><span style="font-family:arial;">Coaching business leaders contemplating retirement </span></em></strong></p><br /><p><strong><em><span style="font-family:arial;">Who want to leave a lasting legacy and</span></em></strong></p><br /><p><strong><em><span style="font-family:arial;">Build a meaningful life after work.</span></em></strong></p><br /><p><span style="font-family:arial;">There, that feels better!</span></p>Pete Wendelhttp://www.blogger.com/profile/14931181367726230676noreply@blogger.com1tag:blogger.com,1999:blog-5736213260554827957.post-56899419301417070922009-06-09T05:00:00.000-07:002009-06-11T13:39:33.694-07:00MORE THAN JUST FAMILY BUSINESSESI find it interesting how many times, when Succession Planning comes up in a conversation, that subject immediately focuses on family businesses. I was interviewed by a local business journal and never mentioned family business in our conversation but, sure enough, that's all was talked about in the article! Even my comments were edited to relate to family businesses.<br />True, every family business needs to have the transition from one generation to the next fully thought out well in advance.<br /><br />The senior generation has to be prepared to let go and move on.<br /><br />The incoming generation has to be prepared to assume the reins.<br /><br />The company has to be organized to execute the transition in an effective, seamless manner.<br /><br />The legal and financial programs need to be in place ready to be implemented at the right time - often over a period of time.<br /><br /><strong>And all this has to happen for non family businesses, too!</strong> In many ways the issues that must be addressed are the same - except the family businesses may have to deal with more emotional issues.<br /><br />All succession planning involves the senior generation members acknowledging their mortality and making plans for moving into what I call the 'third phase' of their life. Staying in a state of denial can rob the company of any potential to survive and proper into the future.<br /><br />Most owners want their company to continue on. That also means identifying and developing the future leaders well in advance of the time for the transition to actually take place. In some instances, it may mean recruiting new future potential leaders (and owners) if the current people don't have what it will take.<br /><br />But, when the 'next generation' was never developed, an internal sale isn't an option. Then, sale to an outside party is the better answer. And sometimes the external sale can generate more retirement income for the seller.<br /><br />In every transition, family or non family, the challenge is to work out a myriad of details well in advance of the 'event.' More on that later.<br /><br />The bottom line - whether a family business or not, developing and implementing a successful transition takes time, planning - and a will of the current owner to let go of the comfortable present to move into the different future.Pete Wendelhttp://www.blogger.com/profile/14931181367726230676noreply@blogger.com0tag:blogger.com,1999:blog-5736213260554827957.post-29320023886784949262009-06-03T04:34:00.000-07:002009-06-03T04:59:17.118-07:00WHAT'S WITH THE NAME?I considered a bunch of names for this blog but, in the end, the decision was pretty straightforward.<br /><br /><br /><br />My family and I brainstormed a list of names: <em>Moving on, What's next, Your next move, Into the future</em> and a lot of really neat ones but none of them were available.<br /><br /><br /><br />I had also thought of three others.<br /><br /><br /><br /><em>Transition Success and Transition Strategies</em> were high on my list. They are at the core of what succession planning is all about. Succession includes several different versions of transition: transition of leadership, transition of ownership and personal transition from a life centered on work to a life that has a different, equally meaningful and satisfying purpose.<br /><br /><br /><br />We'll be exploring various aspects of transition in future blogs - as part of succession planning.<br /><br /><br /><br />I finally came to the choice of <strong>SUCCESSION SUCCESS</strong>. That covers it all. And it's a phrase that everyone identifies with. And like the old Prego ad 'transition is in there!'<br /><br /><br /><br />Next time, we'll begin to explore succession planning and the various aspects of transition. And in the future, we'll go lots of other places!<br /><br /><br /><br />It's good to be with you. See you soon.<br /><br /><br /><br />Pete WendelPete Wendelhttp://www.blogger.com/profile/14931181367726230676noreply@blogger.com0