As entrepreneurs, we often find ourselves at the crossroads of Fear Junction when it comes to succession planning. The fear of unanswered questions can paralyze, leading to decision paralysis or avoidance.
What if I told you that the key to overcoming this fear is embracing a simple yet powerful principle: "Go as far as you can see, then you can see further!"
Read on!
A few years ago, my son Roddey and I found ourselves on an adventure in Spain. Our mission? To locate his University of Georgia professor's summer home. Armed with nothing but an address that didn't work in our GPS, we set out on what seemed like an impossible task.
Arriving in town, we soon realized our journey would be a series of small steps, each one revealing the next. We asked a local for directions, who pointed us to "the next hill." At the hill, another helpful soul directed us to "that big clump of trees in the distance." Finally, at the trees, we were told, "Just around the next curve you will see the house."
This experience mirrors the succession planning process. We can't always see the entire path from the beginning, but we can take steps forward based on what we can see.
We had to go as far as we knew, and when we got there, we could see further!
In business and succession planning, this principle translates into a multi-layered approach:
1. A 10-Year View: This is your long-term vision, the big picture of where you want your business to be a decade from now. It might be fuzzy, but it gives you a general direction.
2. A 3-Year Look: As you move closer, this medium-term perspective becomes clearer. You can start to see more details and make more concrete plans.
3. A 1-Year Plan: This is where things come into focus. You can create specific, actionable goals for the coming year.
4. 90-Day Rocks: These are your immediate priorities, the most clear and actionable items that will move you toward your longer-term goals.
(Adapted from https://www.eosworldwide.com/)
Remember Jack's story from our book, "Succession Planning for Impact"? He was paralyzed by unanswered questions about selling his business. But by developing a plan, he was able to take those first steps. He started by empowering his leadership team, and then gradually transferred ownership over an extended period. Each step revealed the next, allowing him to secure his financial future and overcome his fears.
The fear of unanswered questions is real, but it shouldn't stop you from starting your succession planning journey. Like navigating through the Spanish countryside, you don't need to see the entire path to take the first step. Start with what you can see clearly - your 90-day rocks and 1-year plan. As you progress, your 3-year look and 10-year view will come into sharper focus.
Remember, no one gets to drive forever. It's better to anticipate and plan for when you will not be driving your business. The best time to start succession planning was 20 years ago. The second-best time is now.
So, are you ready to confront your fears and take that first step? Go as far as you can see, and I promise, you'll be able to see further from there. Your business, your community, and your legacy are counting on you to take this journey. Let's redefine what it means to finish well, together.
Harry T. Jones
P.S. I wonder if a first step for you might be joining one of our Succession Planning for Impact Mastermind groups. Email me at harryt@cultivatingimpact.biz with "Mastermind" in the subject line and we can discuss it.
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