Emotions

Emotions: We love them. We hate them. They get in our way. Just thinking about retirement can be stressful! Who will you transition your business to? How do you equip your successor with all of the tools to successfully carry on your legacy? What are you going to do once you retire? How do you find new meaning in your next phase of life? We’ve often invested 20, 30, sometimes 40+ years in our business. Letting go is an emotional experience and it is important to deal with your feelings. Here are a few tips to keep your emotions in check:

• Focus on what matters to you most. Investing your time and energy in people or projects that align with your core values can help you stay grounded. Do you draw positive energy from friends and family? Is there a community project you are interested in learning more about or a book you have been meaning to read but have not yet picked up? Pay attention to your personal interests and allow yourself time to process.

• Forgive me for sounding like your mother, but eat healthy and exercise! Exercise! Exercise! Exercising is the best way to release stress and give you fresh perspective. Just leaving the office or your house to go for a walk can do a world of good … and who doesn’t like being fit? It will prepare you for your next phase of life.

• Allow yourself to look forward to possibilities and have fun during this exciting time in your life! Yes, the unknown can be scary and excitement about what is to come can be easier said than done. If you allow yourself the opportunity to enjoy this transition time, the experience will likely be a lot more positive for you.

So when your emotions are taking over your decisions and you are having a hard time letting go just remember to breathe, focus on what matters most, look to the future and eat well and exercise!

What helpful tips do you have for keeping your emotions in check? Please comment and let us know!

Make A Good Decision

Business leaders need to be able to make good decisions — often. One of my favorite ways of making a decision when I find myself wavering is to picture myself giving advice on this decision to a young professional who is just getting started in their career. I picture someone that I care for and want to see be successful. Maybe picture a son or daughter, niece or nephew. What would you tell them? How would you help them make the right choice? By mentally taking the decision out of your own hands, it is easier to see the decision objectively. By giving advice to a young professional you care about, it forces you to break down your thinking and give them the best you’ve got. Make a good decision today! Your business may depend upon it.

The Next Generation: A Great Son Doesn't Always Make a Great Boss

Very few things in this world are as satisfying as starting a business from scratch and making it grow with hard work and dedication. There are many large companies that started out in garages, small apartments or even the corner of a busy city street. In any case, all business owners that started from the bottom will eventually face the inevitable concern of figuring out who they will pass the torch to. Company presidents who face this dilemma are usually drawn to the idea of transitioning their ownership position to one of their children. After all, these are the people they often feel that they can trust the most. They grew up with the values you taught them and they are decent human beings and great sons and daughters, but maybe they don’t really have what it takes to run the business that took you so much effort over so many years.

There is a very common problem with a strong business that is passed to the next generation of the family. It’s been said that the first generation works extremely hard and barely enjoys the perks. The second generation works just hard enough to keep things running, but they enjoy all the benefits of their successful business. The third generation has everything they ever wanted, but they didn’t put in the same effort for it.

This risk can be minimized if you expect them to learn and earn what they are going to get. Make them work hard, do not give them all the advantages and perks without making them get a taste of hard work and 12 hour days of stress and tension. If you want things to run properly when you give away the power of your company to your sons or daughters, make sure they appreciate what you are giving to them.