Succession is not retirement – my weekly blog


If your goal of succession of your business is your retirement, how do you define retirement?
Retirement in someone’s words was “doing what you want when you want to do it“.
The traditional concept of retirement?!?…picture this, a serene lake with your fishing rod lazily dipping into the still azure surface, a straw hat tipped over one eye, sitting on your dock in your adirondack chair. I think that this picture only exists in a Norman Rockwell painting. No longer, retirement can be very active, just in new and interesting ways that you define.

Now back to succession of your business.
Some key elements for succession you could begin pondering and to do so, you have to free yourself from the “busyness” of your business. Here is one strategy to consider:

A few key issues and areas to consider, include:

– deep understanding of your business and what makes it successful
– sharing the keys to success of your business
– engaging the next generation, often millenials
– understanding the next generation
– building an enterprise

This same strategy I have employed myself and some of those with whom I consult. This is simple, and definitely not easy.

Learn, think, apply!