Have you ever entered a competition expecting NOT to finish? No, probably not. What would be the point? In some competitions you are going for the win. Think about all the athletes at the Olympics. No matter how much of a long-shot an athlete might be, he or she is putting everything into that competition. No holds barred. They may not win, but they are certainly going to try.
In others, you may be simply want to finish. For anyone that has entered a running or biking race, you can relate. You set a goal, trained for weeks (or maybe months), and you are going to accomplish your goal. That may be trying to set a personal best time, or it may simply be getting over the finish line. But when you cross that threshhold, you are elated (and possibly exhausted as well). All of your hard work paid off; mission accomplished!
There is a third group of people; those that never enter the competition. Everyone has their own reason for it. They aren’t mentally capable. They aren’t physically capable. They just don’t have a desire or passion to pursue that amazing feeling of completion from a particular competition. That’s okay. There are millions of competitions that could mentally and/or physically challenge you. There are very few people interested in more than a few of them at any given time.
Now, replace ‘business owner’ for ‘athlete.’ A business owner needs to first determine what he or she is passionate about to know who they should compete against. Then they need to set goals, and train to become really good at what they do.
But what is their finish line? What is the end game? Is it to successfully pass on their company to the next generation, partners, key employees, or other suitors? It might be. But like with any competition, they need to know what the endgame is so they keep it in their sights. They won’t get there without a plan.
That is where I come in. I help them identify their goals, their goals for their business’s endgame, and help them create a plan so they can cross the finish line knowing they did the best they could.
I provide simplified processes for business owners who want to find a solution to the complex issue of Ownership Transference.
Contact me to learn more about my succession planning and business continuity services.