It’s A Journey – Points of Interest & Tools

Thank you for reading It’s A Journey – The MUST-HAVE Roadmap to Successful Succession Planning!

The purpose of this book is to help you capitalize on your hard work and realize that it is a privilege to embark on a business transition journey. Are you ready to create a plan to transfer your business to a successor in a way that meets your financial and emotional objectives and positions both your successor and company for future success?

We’ve compiled the top tools from the book below to help!

Points of Interest

Many owners are unable to see a clear path that takes them from where they are today to the transition of their businesses to successors and the beginning of their Next Adventures. A Transition Roadmap clarifies that vision helps you to anticipate obstacles, prevents you from wasting time on dead ends and detours, and puts the odds in your favor that you will reach the destination you choose.

The following Points of Interest, or exercises, from It’s A Journey are designed to help you create your own Transition Roadmap.

Click HERE to download (PDF).

Points of Interest

Many owners are unable to see a clear path that takes them from where they are today to the transition of their businesses to successors and the beginning of their Next Adventures. A Transition Roadmap clarifies that vision helps you to anticipate obstacles, prevents you from wasting time on dead ends and detours, and puts the odds in your favor that you will reach the destination you choose.

The following Points of Interest, or exercises, from It’s A Journey are designed to help you create your own Transition Roadmap.

Click HERE to download (PDF).

The Business Owner Transition Confidence Survey™

Once you have a bird’s eye view of your journey to your Next Adventure and understand the principles that will keep you on your chosen path, you can set the six points on your Transition Compass. Please use The Business Owner Transition Confidence Survey™ to take stock of how confident you are as you think about 11 of the most common concerns or dilemmas that owners have at this early stage of their journeys.

Click HERE to download (PDF).

The Transition Compass™

The Transition Compass™ is a tool to help you organize your thoughts as you consider each of The Big 6 Questions.

Using the colored flags associated with each of The Big 6 Questions, circle the one that best reflects your current thinking. If you have answers to some questions, but not all, that’s totally normal.

Green: You already know the answer or are as confident as you can be at this point of your journey.

Yellow: You are fairly certain about your answer.

Red: You don’t yet know the answer.

For a summary of The Big 6 Questions, please see Chapter Twelve.

Use this Transition Compass to insert your current thinking about your answers to The Big 6 Questions. You can list all of your objectives on The Objectives Matrix (the next tool below) since space on this Compass is limited.

Click HERE to download example (PDF).
Click HERE to download blank (PDF).

The Transition Timeline™

The Transition Timeline™ includes sub-timelines for the transition of equity, individual responsibilities, and the business. If you have set your When, put that date at the end of the individual and business sub-timelines and add the appropriate number of tick marks to show the number of years between now and your When.

On your individual and business sub-timelines, write in the milestones and triggers you would like to meet. Then, complete the equity transfer boxes to indicate the points at which you would like to transfer some or all of your equity.

Click HERE to download example (PDF).

Click HERE to download blank (PDF).

The Objectives Matrix™ & The Options Matrix™

We developed these two tools to paint the picture of your Next Adventure.

The Options Matrix™ takes The Objectives Matrix™ and expands it by several columns to help owners rank their options to determine which of their top options satisfy the greatest number of objectives.

Your objectives (or your Why) are the very backbone of your transition strategy. The process of listing objectives is an intensely personal exercise in which you set yours first (Me). We suggest that you begin listing the good things you wish to continue (e.g., remaining in good health) before listing the goals you want your transition to achieve. Please be as specific as possible, write in the present tense (e.g., We enjoy spending time in our second home), and include all of your objectives no matter how far-fetched they may seem. Proceeding as if all things are possible is the best way to start your journey.

Please refer to Chapter Thirteen for more hints on the types of objectives to include for yourself before listing the goals you’d like your transition to achieve for the other important people in your life.

Click HERE to download The Objectives Matrix – Example (PDF).
Click HERE to download The Objectives Matrix – Blank (PDF).

Click HERE to download The Options Matrix – Example (PDF).
Click HERE to download The Options Matrix – Blank (PDF).

The Transaction Guide™

In the Points of Interest, you will find the basic version of The Transaction Guide™ that we included in Chapter Twenty of It’s A Journey. We present here the more detailed version to better illustrate the many options you have as you consider various transaction methods.

Click HERE to download CONDENSED (PDF).
Click HERE to download EXTENDED (PDF).

The Future Wealth Projection™ & The Wealth Development Worksheet™

For more information about The Future Wealth Projection™ and The Wealth Development Worksheet™, please contact us via email.

No part of the book It’s A Journey or these tools and resources may be reproduced, stored in a retrieval system, transmitted or utilized in any form, or by any electronic, mechanical, or other means, without the prior expressed written permission of the authors and publisher. Failure to comply with these terms may result in legal action and damages for copyright infringement.

 

DISCLOSURE – Investment advisory services offered through FirstWave Financial, Inc., an SEC Registered Investment Adviser. Succession planning services offered through The Transition Strategists. Elizabeth Ledoux/The Transition Strategists and Laura Chiesman/FirstWave Financial are not affiliated with each other. This presentation is designed for informational and educational purposes. It is not designed as a substitute for advice from professional financial advisors or succession planners. Each individual’s circumstances may be different. Individuals should seek financial, legal, and tax advice or other professional or expert advice based upon their particular circumstances.
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