Retirement Resistance

Why haven’t you started developing a plan to sell your business?

When you are within 3-5 years of your ideal retirement age, the time to start planning is…well…yesterday.

If you are not ready to visualize what your retirement will look like in your mind’s eye, you won’t ever be ready to start planning your retirement in real life.

Having resistance to the succession planning process is natural, and starting is easier than you think.

Step one:  Figure out what is holding you back.

Experience has shown me that the most common roadblock is the not so simple matter of mental readiness.

Yourbusinessgives you asense of purpose and direction in your life.

It is impossible to imagine walking away from that…

unless you have something meaningful to walk towards.

Retirement is not the end of the road…it is a transition to your next great adventure.

Uncharted territory is not as intimidating when you have a guide to walk with you.

Are you ready to have a confidential conversation about navigating your purposeful steps forward?

abby@leadershiplegacygroup.com

Overwhelmed? Rebalancing Your Work and Life

see-sawWork/life balance. It seems to be a hot topic these days as technology invades more of our waking hours and allows us to connect to work 24/7/365 from anywhere in the world. When I started researching balance for this article, I was convinced that we were not striving for true ‘balance’ -- some sort of equilibrium between work and life, we were more concerned with how work has permeated every aspect of our waking hours. After researching the definition of ‘balance’, I concluded balance and work’s permeation are both issues we need to address and they are different. Balance, according to www.dictionary.com is “A state of equilibrium or equal distribution of weight, amount,’ or time, energy, etc.” While this definition of balance is about equilibrium, I don’t believe the goal of work/life balance is to have an equal distribution of time between work and life.

I think we just want to reduce the stress and overwhelm in our work and in our lives! We describe this as balance, but it’s not really about achieving 8 hours of work and 8 hours of life, it’s about achieving a quality of life that provides time and capacity to truly live, day in and day out, whether at work or at play.

When we put the emphasis on equal distribution of hours, we live for our weekends, holidays, and vacations, but with a full time job, it’s nearly impossible to catch up the life hours. We will never fix work/life balance this way.

There’s no magic wand

I’d love to give you a magic wand to wave the stress and overwhelm out of your life because living a life out of balance is toxic, but if all we do to address this toxicity is to take vacation or live for the weekends, all we’ll get is a band aid covering a festering wound.

Instead, we need to dive into the factors that cause us overwhelm and stress and begin to address them. Most people describe overwhelm as having too many things to do and too little time to do them in. Stress is created from this constant state of overwhelm.

I often hear owners talking about the constant struggle to achieve efficient operations, to provide excellent customer service, to make strategic decisions that deliver profit and growth, to constantly manage expenses, and the emotional and mental investment demanded by staffing and personnel issues.

In Brigid Schulte’s book, Overwhelmed: How to Work, Love, and Play When No One Has the Time, she highlights that our lives are full of multi-tasking moments. We have a zillion things on our ‘To Do’ list that will never all be done, and we add to that a zillion other things that show up unexpectedly, like a sick child or car trouble.

It’s no wonder we feel overwhelmed.

Our Busy-ness as a Badge of Honor

But we also wear overwhelm and busy-ness like a ‘badge of honor’. If we’re busy, we must be important and successful. If we’re not busy, we and/or our business must be at risk.

I’ve started tested this ‘badge of honor’ by responding to the popular question, ‘So, how are things going for you? Busy?’ by saying, ‘Very well thank you, and no, I’m not that busy’. Most people look at me with either shock or worse -- sad droopy eyes -- convinced that something is wrong, I am heading toward doom and gloom, and my company is on the brink of bankruptcy! Then they try to cheer me up by saying, ‘Well, I’m sure you’ll be busy soon.’

I am not interested in living in ‘busy’ or ‘overwhelm’! It’s not sustainable, it’s not enjoyable and frankly, it benefits no one. Clients don’t get better service from an overwhelmed customer service team; productivity and profitability don’t result from frenetic busyness; and the statistics are clear that our health is not better under the stress of constant overwhelm. In fact it’s the opposite. Many of our health issues are caused or exacerbated by the stress of overwhelm.

You Have More Control Than You Think

So how do you deal with this in your life? The first step is to recognize you have more control than you think. Start a time log and see where your time is going and where your energy is in each block of time. Tony Schwartz and Jim Loehr, in The Power of Full Engagement: Managing Energy, Not Time, Is The Key To High Performance and Personal Renewal, noted that it’s not lack of time that sucks the life out of you, it’s lack of energy. Log your time and evaluate your energy throughout your day. Then start to put some boundaries around how much time you spend, when you spend it, and what you are doing that depletes your energy. Evaluate the expectations you are holding for yourself – and those you think others have of you -- and assess areas where you can shift from ‘exceptional work’ to ‘good enough work’.

Leaders with work/life balance are more efficient, more effective and happier – and that contributes to better workplaces and often more financial reward for all. Don’t brush this aside and promise to look at it next year.

Just tackling one time/energy boundary and one expectation per month can recharge your work/life. It’s worth it!

Being The Bearer Of The News

You’ve finally decided to take the plunge – you’ve sold your business and have planned to exit. Congratulations. This is an exciting time in your life, full of new opportunities. But as excited and as busy as you may be with this new transition, don’t forget that you have one important hurdle left. How do you tell your employees that you are leaving your business? Unfortunately, this could turn into an awkward conversation that can potentially stir up a lot of emotions. Your employees may feel betrayed by your leaving, be fearful of the new owner, or even become worried about their job security. Their concerns are legitimate, and it is your job to take care of your company before you leave it.

As difficult as it may feel to have this conversation, it’s imperative to plan for it and do it well. The best exit conversations include a frank and honest conversation about why you are leaving, how and when you are leaving, the impact of the transition on them, and expresses your confidence in them and the future of the company under new ownership. Most employees will appreciate a transparent conversation and the fact that you are focused on the long term stability and growth of the business and have considered their key concerns.

It might be tempting to paint the picture you want them to believe, but it’s more important to be direct and to be honest. Don’t sugarcoat the tough parts. Don’t let your body language betray you – stay calm and keep eye contact. Being kind and honest will ease breaking the news.

Explain your choices and allow time and space for questions, discussion or even grieving. This could feel like a loss for your employees. Allow them time to work through that. Recognize that for you, this decision has been in process for some time, but for most of your employees, it is new news. They may initially feel angry, confused or worried. Remember that direct, honest and transparent doesn’t mean you need to share everything with them. Answering any questions they may have, either about you or the future of the business, will help to ease the inevitable transition. Knowledge is power, and the more your employees know the more comfortable they will be. That being said, your personal information and details of the sale may be confidential. If you get questions that are confidential, it’s ok to explain that the details of the sale are confidential and then share what you can to address their real concern or question.

Last but not least, do not forget to keep the focus on the future! Your employees and the company will continue without you. It is up to you whether or not they will thrive. Make it a point to tell them what you hope for the business in the future and brainstorm ways they can keep your legacy alive.

Leaving a business is never easy, and it is even harder if you love the business and deeply care for your employees. Even when the time is right, exiting is a significant change. Being honest and compassionate with your employees will give them the respect they deserve and will help ease the transition for all of you.