Sell the Tree for Wood or Sit in Its Shade?

Pop Quiz!

Question #1:

When is the best time to plant a tree?

Answer:

“The best time to plant a tree was 20 years ago. The second best time is now.” 

I’ve got to hand it to you, Chinese Proverb! You nailed it!

But what about succession planning?

When is the best time to plant that seed?

Honestly, the best time to start is 3-5 years before a business owner is ready to sell. However, I have met a lot of business owners who perpetually remain  ‘3-5 years away from selling’.  In those cases, the only time to start is now…

or it will never happen.

It’s easy to fall into the pattern of belief that there is still time to ‘worry about that later.’I have seen businesses that waited too long to start succession planning and due to unforeseen circumstances they had to make rushed decisions because of one of the “Dreaded D’s”:  Death, Disease, or Divorce.

No matter why succession planning is done in a hurry, the end result is typically the same: the company sells for far less than it could be worth and it suffers culturally and financially in the aftermath of a poor leadership transition.

At a recent Succession Planning Roundtable presentation, Jed Dunn, partner with the Newport Board Group recently put it like this, “ Throwing a succession plan together at the last minute is like putting your football team together a week before the Super Bowl.”

Trust me, no one in their right mind is going to bet on that team.The opportunity cost of starting succession planning now far outweighs the cost of starting succession planning later. As H. Jackson Brown Jr. eloquently reminds us, “nothing is more expensive than a missed opportunity.”

By planting your company’s succession seed now… it will have time to grow.  Its roots can start digging in so you can start branching out. Ensuring that you have a mature plan when the time comes to sell or pass on the reigns leaves you with two great options:

Sell the tree at a premium for it top quality wood, or sit in its shade and enjoy its fruit.The choice is yours.

Who will you recruit to be on your team now so you can win the super bowl of your business later? 

The Logic Behind the Logo

Every owner will exit his or her business one day.

So how do you exit on your terms?

Prepare your leadership team,  and build your legacy  into the core values of the company culture.

Create value in your business.

When that is done well, you can confidently pass the torch knowing the next in line has the skills and strengths needed to take over.

The Leadership and Legacy is built on this belief.

In fact, that is what the birds in our logo signify:

Their organizational structure is elegant, efficient, sustainable, and inspiring.

In flying together in formation, they  leverage the currents of their collective hard work …and enjoy  the journey without having to exert so much energy that they end up missing the majestic view. They follow solid leadership and have the most iron-clad succession plan I have ever seen!

Their example is a true masterpiece in which strategic leadership paints an unforgettable legacy across the sky.

How are your core values reflected in your business brand?

Throw Away Your Head Trash

Head Trash: The garbage pile of false truths and negative beliefs we let hang around in our brains so long that they start stinkin’ up the joint.

When did we become such hoarders?

Some of this head trash is just a nuisance insecurity like, “I have two left feet” or  “I’m not going to try THAT”

Some of it can be debilitating, yet we hold on to it for dear life. Phrases starting with “I can’t…” alert you of something that is “MISSING” or something that is FLAWED beyond repair and yet we find these statements to be fundamental to who we are. They gnaw at us day after day holding us back from reaching our potential, or even just feeling good about making it through the day.

But I’m going to let you in on a little secret: The only thing that is MISSING or FLAWED is the head trash itself. Banish that and you begin to really live the life you are meant to live. Banish that and you not only make it through each day with flying colors, you actually begin to see what your true potential really is.

And that’s not head trash!

What self-limiting belief do you need to dispute to go on and live your best life?