GNYADA 2019 Membership Directory & Services Guide

SUCCESSION PLANNING IS JUST THE BEGINNING

hot topics / 2019 membership directory & services guide

As an entrepreneur, it is exciting to dream about building your business’s success. Rarely, the impacts of the “unknown” are considered and when the term “succession planning” comes up, the topic might be quickly changed. For many business owners, the idea of succession planning reflects an end. It is considered a strategy for a buy-sell, an exit, potential retirement, tax planning, and what happens to the estate after death. The reality is that succession planning, regardless of the misconception, is really about preparing for a new beginning. Understandably, when dreaming about the future, the last thing we want to think about is what happens in the end. But what about those things that can happen“in the journey”which have a direct impact on the sustainability and growth of your business? Change is all around us. Shifting generational perspectives and advancements in technology are affecting how business owners find and keep talent and create and sell their products or services. Strategic planning is critical and too often overlooked as a part of the succession planning process. Based upon the perspectives of those involved, the strategic outcomes may focus on recruiting top talent, developing future leaders, growing the business, identifying alternative revenue sources, etc. Another key area of succession planning involves a deep dive into your people. The only way you can fulfill your business dreams is if you have a strong team of people that are inspired by the organization’s mission and vision. Perceptions and attitudes are almost never neutral and can make running a business very complex. For example, if a spouse does not get along with a partner or key manager, it will create stress for everyone. Consider the value succession planning brings to your business in the beginning, rather than assuming it is only about preparing for the end. It’s an important process allowing you to begin with a vision while helping you build and grow your business well into the future. You can build value that will provide opportunities for your family, your employees, and your community and have a positive impact through multiple generations.

Article Supplied by Kendall Rawls, The Rawls Group - Business Succession Planners. For more information, visit www.rawlsgroup.com or email info@rawlsgroup.com.

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