I’m in my early 50s but am diligently preparing for my eventual transition out of my leadership role. I know my organization will not flourish in the future unless I’m willing to step aside at some point. I want to transition when the time is right. The company I founded was never intended to be about me, and, over time, it has become much less about me and more about the company itself. Even if it was not my intention to give up my leadership role, my transition is inevitable. It may not be on my terms, but it is inevitable.
Your transition may look differently than mine. However, it also is inevitable. You may be planning to sell your business or provide an opportunity for a family member to take it over. Every situation is unique. To ignore this reality until it’s too late is a foolish mistake. Most businesses never make it to the second generation of leadership. The founder runs the business until they can no longer make a go of it. That’s it. How sad.
Preparing for a transition is no easy task. We’ve been helping businesses transition through selling and generational hand-offs, and I’m amazed by the complexities involved. Getting an early start on the process provides a wealth of opportunity to optimize your transition. Waiting until the last minute is problematic in a number of ways.
You may be wondering why I’m bringing up this topic in April as the busy season is upon us. Surely there’s a more appropriate time to discuss this, right? Actually no, there is not a better time. You see, there never is a “good” time, which is another way of saying there never is a “bad” time. Right now is the “best” time. What are you waiting for?
Your transition is inevitable and may not occur on your timetable. Will you be ready?
Now go forth.
