I’m Stuck! Six Ways To Release The Glue

We feel stuck for many different reasons, but when you boil it all down, most ‘stuckness’ comes down to some form of fear. It might look like overwhelm or denial or uncertainty, but at the root, it’s a form of fear. We are afraid. We don’t like to talk about being afraid, so we make excuses to externalize our fear. It’s not the right time to act. We haven’t figured out our plan yet. We need to gather more data. The economy is weak. Blah blah blah. These excuses serve to keep us even more ‘stuck’ because they allow us to justify why we are not acting. The problem… we are still stuck. If you are stuck, try one of the following actions and see if it helps you take even a baby step forward. Three baby steps give you one full step, so let’s get started:

1. Remind yourself of what the compelling opportunity is if you were to move forward. What have you got to gain?
2. Evaluate the real consequences of taking action now. It might not be as risky as you think.
3. Brainstorm alternatives that reduce the risk – even crazy ones can show you a path forward, or can demonstrate that your current situation isn’t really that risky.
4. Talk to someone who has taken this risk or a similar one and find out how they did it. Maybe you can apply some of their lessons learned to your situation, or maybe you can increase your confidence in yourself.
5. Ground yourself in the wisdom and experience you bring and remind yourself that you have overcome many challenges before. Tap into the strengths that enabled you to do those and you may find they apply here too.
6. Go away. Really! Get out of your current environment and get some fresh perspective. Stop thinking about where you are stuck and immerse yourself somewhere new and different. Even for an afternoon. Get a cup of coffee downtown if you work in the burbs. Get a cup of coffee in the burbs if you work downtown.

Why Most Succession Plans and Exit Strategies Fail - June 12 &13, 2013

Vistage provides professionally facilitated peer advisory groups that help CEOs, business owners and senior executives become better leaders, make better decisions and ultimately achieve better results. Join Abby Donnelly of the Leadership & Legacy Group for a presentation on Why Most Succession Plans and Exit Strategies Fail. This presentation will be held on June 12, 2013 at Greensboro Country Club and June 13, 2013 at Industries of the Blind in Greensboro. For more information on this thought provoking program, download The Flyer.

To discuss a custom program for your organization, call for more information: (336) 458-9939.

The Coming Tsunami: 4 Statistics Shaping Small Business Transitions

I recently heard a statistic that six to eight million businesses will change hands within the next 10 years! Wow! It’s time to do some succession planning and personal financial planning so you can secure a strong financial return and ensure the sustainability of your business. What other implications exist? What plans should you make now to be ready?

• Scary statistic: Only 20% of businesses actually sell according to a US Chamber of Commerce survey. Will yours?

You have invested so much in your business. Take some time now to assess the critical components that make your business saleable, and put a plan in place to increase the value and expand the marketability. Acting today can help ensure yours is one that actually sells.

• Five trillion in wealth will transfer by 2027 according to The New Retirementality, by Mitch Anthony. Will yours go where you intend?

Sit down with an estate planning attorney, wealth advisor and CPA to make sure the legal and financial structures for all of your assets (business ownership, insurance policies, retirement accounts, home(s), investments, etc.) align with your personal goals and priorities. Too often, the paperwork doesn’t match your goals and objectives. Make sure yours does.

• According to Family Business Succession Planning – The Final Test of Greatness by Craig Aronoff, Stephen McClure, John Ward, less than 1/3 of family businesses survive into the 2nd generation. Only 13% survive into the 3rd. What generation are you transitioning to? Are they ready?

Just because you are interested in transitioning your business to another family member does not mean that they are prepared to successfully take it over and lead it. Invite us in to do an assessment of your business and leadership team. We can identify your strengths and areas of risk against your strategic plan and build a plan to help you close the gaps.

As assets transition from one generation to the next, the best way to navigate through is to engage your key resources – wealth advisor, CPA, estate planning and business attorneys, business valuation experts and CEO coach/mentor to help you build a transition plan, begin implementation and commit to regular reviews. Taking these simple steps will ensure you are better prepared for the inevitable changes that will occur — in the economy, in your industry, the law, within your family priorities, and more.

If you need a referral to a strong wealth advisor, CPA, estate planning attorney, business attorney, or business valuation expert, give us a call. We’ll spend some time understanding your particular needs and interests and with your permission, make a referral to a resource we highly recommend. If you need a CEO Coach/mentor, we invite you to talk to us first.