“I know I need to plan my transition, but there’s always something more urgent to handle.”
I hear this from business owners almost daily. You’re managing daily operations, dealing with employees, keeping customers happy, and trying to grow your business. The thought of planning your eventual transition feels overwhelming – especially when you’re not even sure where to start.
But here’s what I’ve learned: time is your most powerful ally in creating a successful transition. Think about building your business – you didn’t achieve your current success overnight. You made countless decisions, learned from mistakes, adjusted strategies, and built strong relationships along the way. Your business transition deserves the same thoughtful approach.
This is why I introduce owners to what I call “planned procrastination.” It might sound counterintuitive – after all, isn’t procrastination what we’re trying to avoid? But there’s powerful psychology behind this approach. By intentionally scheduling when you’ll tackle each component of your transition, you actually accelerate progress and maintain momentum.
Tom Kirk’s experience perfectly illustrates this principle. When a health scare prompted him to think about succession, he didn’t try to solve everything at once. Instead, he first assessed which parts of his business would remain successful and which might struggle during different absence scenarios – 30 days, 90 days, 6 months, and so on. This methodical approach evolved into a comprehensive transition timeline that not only protected his family’s income during his recovery but also laid the groundwork for his eventual transition out of the business.
A transition timeline isn’t just a sequence of dates. It’s a strategic tool that transforms an overwhelming event into manageable steps. It gives you space to:
- Test different leadership scenarios before making permanent changes
- Help your successor grow into their role naturally
- Strengthen key business relationships
- Address concerns from family members and employees
- Create backup plans for unexpected challenges
The value of strategic timing became clear when working with Wally and Don, two partners in their mid-60s who were overwhelmed by advice from multiple advisors. Their timeline revealed an elegant solution that might have been missed in a rushed planning process: Don could continue as CEO for several years (maintaining work he found meaningful) while Wally could move immediately to his Next Adventure. This arrangement satisfied both partners’ goals while ensuring business stability.
In practice, these timelines shape day-to-day transition activities. Rather than trying to transfer all responsibilities at once, we break them down into manageable pieces. One owner I worked with started by transferring accounts payable to her successor, then moved on to receivables, then financial statements, and finally banking relationships. This sequencing allowed both her and her successor to build confidence gradually while maintaining the business’s stability.
The key is starting before you think you need to. A well-designed timeline reduces anxiety by providing clarity. It shows you exactly what needs to happen when, who needs to be involved, and what decisions need to be made at each stage. Most importantly, it gives you control over the process rather than letting circumstances control you.
The benefits of a thoughtful timeline extend beyond just the logistics of transition. It creates space for crucial conversations, allows relationships to evolve naturally, and helps prevent the kind of rushed decisions that can damage both business value and family harmony. It gives successors time to grow into their roles while allowing owners to gradually shift their identity and focus toward their Next Adventure.
Remember, a well-designed timeline isn’t about doing everything as quickly as possible – it’s about doing the right things in the right order. This is how you transform an overwhelming transition into a series of achievable milestones. As we often say, “If you don’t know where you are going, you’ll end up somewhere else.”
Ready to start mapping your transition journey? Join us for our upcoming workshop “The Transition Timeline: See Your Transition Journey With Clarity.” In this interactive 60-minute session, you’ll learn how to create a timeline that works for your unique situation while maintaining what matters most to you. Reserve your spot at transitionstrategists.com/workshop.
The best time to start planning isn’t when you’re ready to leave – it’s when you have time to get it right.
We know every transition journey is unique, and we’ve developed resources to support you wherever you are in the process.
- Join our monthly workshop to learn proven transition strategies
- Explore programs designed for your unique journey
- Access free tools to start mapping your path
- Meet Elizabeth on Collective Conversations for personal insights