If you run an enterprise alone or with only one partner, no committees or obstacles prevent you from making decisions or changing direction on the fly. The same is likely true if you operate an enterprise with your adult children because they grew up listening to and watching you. They understand your values and vision, and the lines of communication—at the dinner table and at the office—are open and well-used. Now imagine the effect on the lines of communication when a third generation enters the picture. When your children have
In a prior article, I wrote about four elements (or competencies) of emotional intelligence that serve business owners well when involved in transitions. In this article, I look at the flip side: the value of emotional intelligence for successors in business transitions. Emotional Intelligence for Successors in Business Transitions – And Beyond Four elements of emotional intelligence—personal agility, empathy, intentional communication and trust building—are competencies that successors can draw upon to facilitate their transition from successor to owner, especially when they grow frustrated with the pace of the transition. These
As a successful entrepreneur, it’s natural for you to solve some problems by thinking outside of the box. That ability to put disparate elements together, often in ways others would not, is known as inclusive thinking. Too many owners, however, look at the transition of their companies to successors from only one perspective. The purpose of this article is to show you how the power of inclusive thinking works in succession planning. During uncertain times, it can be tempting to assume that the business transition you’ve dreamed of either must
At some point, you, like every owner, will think about the day you will transition the leadership of your company to a new owner. Today, transitioning may be a low-priority issue on your long-to-do list, or you may be frozen in place because you don’t know how to begin or worry that a transition could damage relationships with people who are important to you. Many owners put off their transitions for these and other reasons until something prompts them to act. In this article we share eight reasons owners decide
One of my favorite proverbs is: If you want to go fast, go alone. If you want to go far, go together. I believe this to be true in many aspects of life but especially in business transitions. First, every transition involves at least two people: the owner who is leaving and the one who is taking his or her place. And every transition involves several professional business succession advisors because there are legal/contractual elements, tax (and possibly estate planning) considerations, and financial planning assessments. There’s almost always a need
Planning to transition your private business to a successor takes time and intentional perseverance. It takes time to clearly set the goals for your transition, time to paint a picture of the life you want to live after you leave your company, and time for your successor to learn to lead. Transitioning your company is a journey that is done with purpose rather than a “one-and-done” transaction, especially when you put people-first and your vision is to have a family member, business partner(s) or key employee(s) to successfully carry on
As a coach, I help individuals finetune their emotional and social intelligence skills so they can better navigate all sorts of change, conflict, and dynamics. As a Transition Guide, I have the privilege and unique perspective of working with both owners and successors during one of the most life-changing journeys for both: a business transition. In this article let’s look at the value of emotional intelligence for owners in business transitions. In my next article, we’ll examine how emotional intelligence applies to successors in business transitions. Using quick searches on
Transitioning a business to a successor is easy for owners who aren’t interested in the future of the companies they’ve built and believe that leaving behind a trail of broken relationships is just the price of a business transition. Business transitions are not so easy, however, for owners who care deeply about their relationships with the most important people in their lives and want their companies to flourish after they leave. We are privileged to work with owners in the second group and designed The Transition Roadmap Developer™ (TRD) to
“Mom, I need to tell you something… ” These words would set off alarm bells in most parents’ heads, but the ringing can be deafening when they come from the child you always dreamed would take over your business. That dream can shatter when the sentence that follows is: “Running this company is an amazing opportunity for someone, but that someone just isn’t me.” If it’s been your dream to put the successful business you’ve built into the hands of your child(ren), it’s natural to be disappointed or even angry
