Feeling trapped?
Too many of the business owner-leaders we speak to can’t see their way out. The business may be profitable, they may have achieved what they set out to do, but now they find too much depends on their personal involvement. They may feel stuck, overwhelmed and (often) very alone.
On the business journey, being indispensable to your business is usual, and OK, for a while. In time, it becomes a recipe for burnout.
Then it’s time to build the business for your successor. In a family business, that might be next-gen. Or you might have something that a buyer would want, or an investor. Maybe there’s someone alongside you, or ready to be, who can carry on your work. Your legacy will be written in your successor’s achievements.
Even if your exit plan is to liquidate the assets and go backpacking, it can still be very hard to extricate yourself, emotionally and practically.
The first step is to let go. You built the business, whether you founded it or acquired it, out of sweat, tears, courage and sheer bloody stubbornness. You lived on your wits, and carved out a space. Now that’s past and done. What got you here won’t get you there. It’s time to turn to the future.
Once you’ve changed your thinking, other steps will start to fall into place. A plan with a timeline (write it down or it’s not real). Systems (as in documented procedures) so that others know how to do what needs to be done. Clear roles and delegated responsibilities, so that you are no longer the choke point. A sense of purpose that others will buy into. Centre your thinking around your successor, and succession planning starts to take shape.
You’ll find that the business starts to run better on its own terms. That’s a reason to switch into succession thinking, even if you don’t have a successor in mind. Doing this work has its own rewards.
For a practical guide, written from experience, I recommend Succession Thinking, by West Australian Bill Withers.
We’ve been privileged to work with a number of owner-leaders on planning and bringing about the changes needed for succession. It starts with the decision to let go and turn to the future.
Can we help you with all this? We’ve helped leaders like you step towards freedom, clarity and legacy. Give me a call, let’s have that conversation and explore.