It’s a New Year!

I love the beginning of a new year, and the opportunity to pause and think about where I am going with the one life I have to live.  While I am not a big “resolution” guy, I definitely see the value in taking the time in this calendar pivot to take stock of where things stand and where I would like to direct my energies in the coming year.

That kind of proactivity is fundamental in business, and especially valuable for family-based businesses when thinking about transition. There is little value in setting lofty goals that I cannot keep (like “I am going to swear off coffee and move to a plant-based diet”), but there is huge value in creating a plan for the coming year that is in line with my strategy and is feasible.

We always advise our family business clients to take the same approach. No one is expecting perfection, but failing to plan has a predictable result, and most of the business leaders we work with are strong planners and good thinkers. When we challenge them to apply those skills to their own business succession, with a little help and structure, they usually do very well.

Thinking about where your business needs to go in terms of ownership and leadership over the next few years? Take time this month to work out a rough plan for how you would like to see that go. If your planning requires a cross-generational transition, and you are not crystal clear on how to make that happen, we are happy to assist. It is what we love to do.