SUCCESSION PLANNING AND PROCRASTINATION

BY DAN OAKLAND

The best laid plans…

Okay, I am a 70-year-old business owner, a reasonably effective leader/manager, and a highly skilled procrastinator. But despite that last revelation, my succession plan is ‘on-track’ and moving along nicely. Let me explain.

In a typical week, someone asks me if I’m retired (“No, but I am slowing down.”); when I’m going to retire (“Maybe in the next year or so.”); or why I haven’t yet retired (“Because I still love what I do!”)

There are also the LinkedIn connection requests that remind me of my age. Here is the paraphrased version: “Hey, I noticed your online profile, and your picture, and your experience. You look really old. Are you ready to sell your business? I can help. Got time for a call this week? Let’s connect!”

In my 50-plus years of work experience, I’ve seen a lot of business transitions, mergers, expansions, contractions, spin-offs, changes of direction, and rebranding. Some have been successful; some not so much. What made the difference? In my opinion, planning made the difference.

In my years of owning an HR management and consulting firm, I’ve also been directly involved in helping a number of clients work through their transition plans. That’s helped me see what’s worked well and what hasn’t, as I am in the midst of my own succession story.

Now it’s true that I am a procrastinator, but I actually started working on my own succession a dozen years ago. First, I put in place what I consider to be a team of exceptional professionals who can continue to do what I do, and do it better; who understand and support our vision; and who see how we can continue to grow and excel. During those years, we’ve also worked on the operational side, implementing EOS, creating systems and documenting processes. I’ve met with advisors to plan and assist with the financial and legal sides of succession. I’ve had conversations with my wife and kids about next steps. I’ve also wrestled with timing and sharing of information and with even the emotional side of transitioning the business. The plan is in place, but I’m still playing with the ending.

Look, planning is not exciting, but it improves the odds of a successful outcome. The real joy and satisfaction comes in the journey, the execution and the accomplishment. And the planning that I and my associates did over the years has actually allowed me to procrastinate the ending, because I still enjoy the game! The things that need to be in place – the people, systems and processes – are in place, and that means I can enjoy the journey longer, worry less, work less, and continue to appreciate the blessings that have come my way.