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10 Ways to Have a Joyous Journey Through Succession Planning

10 Ways to Have a Joyous Journey Through Succession Planning

1.   Think of Business Exit Planning as a Process (journey) not a Transaction (end of the road)

The process of Exit Planning results in building stronger, more sustainable, independent businesses that generates growing cash flow

  1. Initiate Long Term Business Planning Early On

This allows the owner to plan their journey on their own terms and the earlier you start planning, the more likely you will reach your destination.

  1. Explore, Plan, Build, Execute the Different Stages of an Exit

Owners need to explore and understand the concepts & ideas associated with becoming independent from their businesses

  1. Create a Personal Life Plan

Knowing who you are & what you want to do with your life is a critical part of becoming independent from your business  and will allow you to develop a clearer picture of what path you want to take with your life & your business.

  1. Perform Due Diligence on your Company

Identify weaknesses and vulnerabilities, make periodic honest assessments to how  sellable is your business, build a business to which you control when and to whom it will be sold

  1. Identify, Retain and Mentor Your Potential Successors

Don’t put all your eggs in one basket. Within your successful business, there may be more than one employee who fits the bill to someday take over. Remember, pay   attention to how your potential successor approaches the management of people and daily communications

  1. Develop a Team of Knowledgeable, Thoughtful Advisors

Set your goals and objectives and then hold your team of advisors accountable for developing a plan consistent with your vision

  1. Talk to Yourself, Daily

Look in the mirror, what happens & when it occurs is up to you, but you should start talking about your course for the future sooner rather than later, so begin your conversations today

9.    Dream

Build a successful company, live a happy life, stay true to your own beliefs and enjoy the journey

  1. Plan for Your Future with a High-Frequency of Discipline

Businesses and Lives continually change. Keep your planning on course with those changes and opportunities

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