Succession Legacy
December 17, 2008
Whether you sell, transfer or annuitize your business, you can only project your legacy so far. At some point, your successor(s) will almost certainly stray from your vision.
It may be the because of economic challenge, or merely your successor’s desire to put his/her imprint on the business, but it will happen – YOUR business will take on a life of its own apart from you.
I was reminded of this inevitable change by a recent broadcast chronicalling the history of Sears, Roebuck, and its continuing decline. The dreams that become our businesses will, if successful, become whatever their own destiny decrees. The best we, as founders can do (if we are not to be depressed) is, as we begin our individual processes of letting go, is to view the business as we do our children. They grow up; they leave home. We do our best.
John, and his Associates at Advent, help entrepreneurs and other leaders who want to master growth, transition and succession to get results faster, less painfully and in ways that work for them. This happens through consulting, coaching/mentoring, training and/or speaking. Understanding that there is no ONE path to get results, client services are tailored to the way s/he can best use our services. John is a member of the National Speakers Assn. For more information: www.getresults.com. For succession information, go to: www.thesuccessionplanner.com. Or call 610.506.6311 in the US, 01.610.506.6311internationally, or at johnr [at] getresults [dot]com.
Succession – How Does Social Security Factor In?
December 8, 2008
Social Security was designed as a safety net. But what kind of safety net is it? For those of us who are Boomers, it’s a politically secure safety net, but one that only provides some of what we will most likely need when be begin to slow down. Some underlying facts about Social Security can be found at Money Central on MSN.com, like what percentage of current earnings Social Security replaces. It’s revealing.
What this article doesn’t say is that Money Managers often grossly overestimate just how much we’ll need in retirement (depending, of course, on healthcare needs). People are retiring comfortably on much less than the 80-90% recommended amount. (I’ve suggested reading Fred Brock’s excellent “Retire on Less Than You Think” book from the New York Times. It tells you the numer can be much less than that, often as little as 50%, depending upon lifestyle.)
What it also doesn’t give you is the value of the Social Security payment you will receive in terms of how much savings you would have to have if Social Security weren’t there in the first place. Each $1,000/month in Social Security benefit would, if payable from savings/retirement funds, have to be supported by an investment amount of about $240,000 (at 5% interest). That’s truly something to think about.
John Reddish‘s expertise is helping entrepreneurs and top executives who want to master growth, transition and succession, get results faster, less painfully and in ways that work for them. John is a member of the National Speakers Assn. For more information: www.getresults.com. For succession information, go to: www.thesuccessionplanner.com. Or call 800.726.7985 in the US, 01.610.388.9335 internationally, or use the contact form to e-mail me.
Succsession Coaching for Boomer Enterpreneurs
December 8, 2008
Succession Coaching
Recently, I was asked to give a speech to a client’s church group (The New Beginnings Group for those who had lost a loved one and needed to get on with their life). I told him I typically speak only to business groups. He suggested my succession presentation, with some tinkering, would do nicely.
The tinkering, though, gave me some additional insight into the loss we, as Boomer entrepreneurs and Senior Executives, face in moving on to a new stage of life when our “business” is at least NOT our central focus.
When I started talking, I shared my view that life is about giving up the things you love (because all living creatures and situations are transitory). I suggested the grieving process has its place but too often we stop there, not thinking we have mountains yet to climb. I shared with them the notion of the Hero’s Journey, as told so eloquently in books, recordings and videos, of Joseph Campbell (and Bill Moyers). And then, I asked them to consider answering the 5 Questions I had found were most important to my clients in my succession and executive coaching (for those moving on) work. They tend to be the most important because, the talk about having a “life” after work and without some vision of where you are going, moving on tends to be both scary and a health risk.
Here are the five business succession questions:
1. What do I want to do with the rest of my life?
2. Who do I want with (or around) me as I undertake new adventures?
3. Where do I want to call home as I move forward?
4. How can I minimize anger / worry about the past and the future?
5. How do I want to be remembered?
I hope you find them helpful.
John Reddish, and his Associates at Advent, help entrepreneurs and other leaders who want to master growth, transition and succession to get results faster, less painfully and in ways that work for them. This happens through consulting, coaching/mentoring, training and/or speaking. Understanding that there is no ONE path to get results, client services are tailored to the way s/he can best use our services. John is a member of the National Speakers Assn. For more information: www.getresults.com. For succession information, go to: www.thesuccessionplanner.com. Or call 610.506.6311 in the US, 01.610.506.6311internationally, or at johnr [at] getresults [dot]com.
