What is your philosophy about the most important aspects of your business. I have seen plenty of businesses, may successful, some not so much. However, for the successful ones, there is not only all of the basic business metrics, profitability, branding, process, barriers to entry…the more important competitive strength of a business lies in its people. In my view, my philosophy is:

– People are most important in a business
– You engage people, one at a time and every single day
– People are people, and not machines
– People become engaged when you sell them a dream.

A company when considering succession will hire outside consultants to build EBITDA and its operational metrics but often will neglect its most important asset, its people.

As you continue in your journey of succession, remember your people.

Learn, think, apply!