Why Succession Planning Should Start in the Mirror
After spending nearly 30 years in Financial Services, including more than a decade wearing the Chief Compliance Officer hat, I don’t often make definitive claims or promises. But here’s one I will make: a plan for the future of your business won’t be effective until you factor yourself into the equation. What do YOU want?
It might be challenging to look at yourself and take stock, but thinking holistically and purposefully about life after advising allows for a more fulfilling transition and exit.
Take a look in the mirror and challenge yourself
My transition experience came after a difficult turning point in my own firm. Unexpectedly, I had to face my own wants and fears about my future and what I really wanted in my career and in my life.
At that time, I started to experience some “mid-life wake up calls,” both personally and professionally. But I totally resisted looking at the truth of where I was in a holistic way. I was a worrier. A deeply committed worrier who thought the key to financial security and success was to just keep pushing the same old boulder uphill and hoping it wouldn’t roll down.What I can see from where I am now—living and working with renewed energy and excitement about the future—is something that I wish I’d known then: successfully transitioning from owning a business into having an inspiring next chapter starts with looking in the mirror and challenging yourself.
Finding your “Aha” Moment
For me, it took the experience of a deeply felt personal loss to give me the push I needed to start questioning how and who I was. I was no longer willing to settle for allowing the years to just slip away only to wake up with another decade gone.
So, I got busy. I started exploring—not just thinking—about what I wanted in my career and really, in my life overall.
Realizing that my money worries were like a mountainous roadblock, I found my way to the Kinder Institute for Life Planning. I took a deep dive. The people at Kinder helped me understand what kinds of blinders I was wearing when it came to my personal financial picture and that of my business.
For the first time in my adult life and career, I found myself asking:
- What do I REALLY want?
- What REALLY matters most to me?
Answering these questions was some of the hardest work I’ve ever done, and I’m forever grateful to my Kinder Institute mentor for the guidance and support in the program.
This was my “aha” moment. It’s when the lightbulb came on.
I didn’t want to be a shareholder in the business, and I really needed some time to recharge my batteries. This deeper self-knowledge meant I could be more intentional about how to approach opportunities both for monetizing our business and exploring my next career chapter.
I only wish that I hadn’t waited so long to take a long look in the mirror. There was an “aha” moment just waiting there for me.
If you’re wondering if it’s time to kick off your succession planning with a good look in the mirror, you can start by asking yourself these 3 questions.
If you would like additional support and guidance as you plan for your next chapter, I look forward to hearing from you.
Click here to download our complimentary report- “5 Questions Business Owners Never Ask and Should, to Create a Succession Plan that Works ”
