When Times are good we don’t seem to have time for it and when times are bad we say we don’t have money for it. The result is that we don’t do it.
William J. Rothwell, Ph.D on Succession Planning
People typically don’t like change. That is why planning is often something many people struggle with. We all treat planning as though it is an acknowledgement that change is near. We are all guilty of it, not just business owners. We don’t plan for retirement because that means acknowledging that we’re getting older. We don’t regularly update our wills because we don’t like to admit our own mortality. Instead, we become experts at doing the things that we know, are good at, and can predict. Living in the “now” is where we are comfortable and where we feel in control.
The reality is we will never know everything – or be able to predict the future – but the one thing we do know for sure is that some day, for some reason, you won’t be working in your business. You have the abilityto control that outcome and make sure you’re doing it on your own terms. Planning doesn’t mean it’s going to happen tomorrow – it just means you’re looking ahead to taking care of yourself, your family, and your future… because you deserve it.
Business owners wear a lot of hats and are excellent at working “in” the business, but working “on” the business is often difficult. You dedicate yourself to making sure that the individual parts of the business are working efficiently and effectively so that the entire machine is constantly operating at its full potential. Working “in” the business is beyond a full-time commitment – which is why working “on” the business is often on the backburner.
Day to day operations inevitably take priority over long-term planning. Meeting payroll requirements, staying profitable, and treating your employees well are often main priorities for business owners – and rightfully so. But at the end of the day, you need to remember to look after you. Your future and retirement depend on your transition out of the business – when it happens, how it happens, and the eventual outcome of the process. You have worked too long and too hard perfecting the working parts of your machine to not be in control of its outcome. Take control of your future – you’ve earned it.