"What Do You Want?" Being thoughtful of Business Transition

Posted by Amy Fitzgerald on Feb 12, 2014 3:33:08 PM

Think back. Think back to the last time when you were asked to talk about your personal and business transition (or more likely the words used were "exit strategy"). Think back to the question... "What do you want?"

Think again. Think about your answers to that question and ask yourself...

  • Was it an answer that let me adequately explore what might be possible?
  • Did my answer consider a variety of options or beyond those I know about?
  • Was that answer truthful about my needs and aspirations for my own future?
  • Was it an answer that I gave because it seemed like it was expected and not what I wanted?
  • Did I answer the question only so I might make the questioner happy?
  • Frankly, did I give an answer so I could avoid answering a question I don't have an answer for?

Think ahead. Think about how important that question is... "What do you want?"

  • The question is about your next career - retired or still working?
  • The question has generational impact on the future of your family.
  • The question addresses the future of a business you have spent a lifetime building.
  • The question defines you and your business legacy.

For a family- or private-business owner the question impacts personal financial future, the future of the family, the future of the business, the future of employees and even the community.  As more than one owner has said: "If it was about the money, it would be easy."

So, the next time the question comes up recognize that you deserve to explore the best possible answer. You deserve to have your options explored and to have the implications of your decisions considered.  You deserve the opportunity to open up important conversations with those around you in order to co-create the best possible scenario. You deserve to explore what's possible - even if you never dared dream it could be.

So, the next time someone asks you - "what do you want?" - tell them you want to develop your answers in a manner that respects the complexity of the situation you are in. You want to dig around to understand how you - and those around you - feel about the possible answers. You want to find ways to move ahead in small steps that you can manage. You want to create answers that will successfully balance the interests of you and your family with you and your business. You want answers that will offer confidence about your decisions for the future.

For more information about how IMEC can help you answer these important questions, visit www.imec.org/strategy.cfm or contact Steve Barnhart, IMEC Technical Specialist at sbarnhart@imec.org.Not just surface-level want. Really, really want. You deserve it.

 

Written by The Galliard Group - Family Business Advisor Institute

Galliard Group Family Business Advisor Institute

 

Amy Fitzgerald

Written by Amy Fitzgerald

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