YOU HAVE TO LET GO TO WIN

A few days ago the Gallup Organization 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.

Another article, 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.”

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.

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 isn’t ready,” etc.

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’ve got time.’

The downside is that they are in danger of suffocating their business – the very thing that the have spent their life building!

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.

Every business leader – to assure a successful transition needs to ask – and answer – questions in three key areas:
FINANCIAL - How will I transfer my wealth out of the business into my personal portfolio?
ORGANIZATIONAL - How will I create my legacy – a strong, sustainable company that will thrive after I retire?
PERSONAL - How will I build a meaningful ‘third phase’ of my life – something I am looking forward to after I retire?

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.

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.’

WHAT'S WITH THE NAME?

I considered a bunch of names for this blog but, in the end, the decision was pretty straightforward.



My family and I brainstormed a list of names: Moving on, What's next, Your next move, Into the future and a lot of really neat ones but none of them were available.



I had also thought of three others.



Transition Success and Transition Strategies 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.



We'll be exploring various aspects of transition in future blogs - as part of succession planning.



I finally came to the choice of SUCCESSION SUCCESS. That covers it all. And it's a phrase that everyone identifies with. And like the old Prego ad 'transition is in there!'



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!



It's good to be with you. See you soon.



Pete Wendel