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Succession Plan: Your Business, Your Future.

Last week I was fortunate enough to present in front of around 80 business owners around “What’s Your Game?”

Succession Planning. It’s an interesting topic that most business owners don’t even want to hear about. Business owners, particularly those in the real estate and property space, are so busy being busy in the trenches and so forth. They actually don’t stop and go, “What are the next steps? What’s the next one, three, five, ten years possibly could look like? What are the opportunities that we might need to jump on in order to play that in game?”

People get so busy, so caught up in meeting deadlines, completing tasks, in short – trying to reach their goal. That’s right, people get so busy with their own goals that they often forget one important element of business – continuity.

Have you heard of the phrase “business as usual”? It means that even though there are unforeseen events that have affected the business, it still continues to operate. One way to ensure that this happens, is through succession planning.

What is Succession Planning?

Succession planning is a process by which individuals are carefully identified to pass on the leadership role within a company. The process ensures that the business continues to operate efficiently without the presence of people who were holding key positions.

It also involves coaching and development of prospective successors or people within a company or from outside to take up key positions in an organisation through an organized process of assessment and training.

Three (3) Key Areas of Succession Planning

I’ve shared a couple of secret sauces around how Ultramarathon running is very equivalent to running your business, particularly when it comes to the long game. And what I did, I shared three (3) key areas that people really need to focus on when it comes to succession planning:

  1. People
  2. Profit
  3. Property

Looking at these three (3) key areas, in relations to how you will create that succession plan – so you can walk away with what you want to walk away and start thinking about it now.

I want you to think about how do you plan for your long game? What does your long game look like? What’s your succession plan? Do you have one? Or do you need to start thinking about one right one?

I heard a little story the other day, “when was the best time to plant an oak tree? Twenty years ago. Or second best, right now.” So, start planting your oak tree and see what you can create.

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