Golf – St. Andrew’s or public course?

When?               Are you planning to retire

Stephen Covey in The 7 Habits  gives as Habit 2: Begin with the End in Mind.

We are coached by our investment advisors to have an exit strategy at the time we buy into a particular investment vehicle.

So why do fewer than one in eight family business owners have a management succession plan in place, especially in light of the fact that 65% of these owners are a part of the boomer generation?

What’s your next passion?

            Golf?                In Scotland?
           Grocery shopping with your spouse? (That’s likely NOT their dream!)
             ???

What has to happen at the business?
What interrupts your vacation? When did you take your last vacation?
How critical was WiFi at the hotel?
What mess did you have to clean up when you came back?
How extensively is your spouse involved in daily operations of the business?
Are you the peacemaker among the siblings employed in the company?
Have you transferred the vision and passion as well as the ground rules?
Is the “Secret Recipe” known by someone other than you?

Jim Peters
Peterspective
(317) 372-2304

 

The instant a private thought is communicated to another in any form, compromises begin to be made in the confidentiality, integrity and availability of the information shared. Yet the appropriate sharing of information is critical to the operation and success of every organization. The purpose of our relationship will be for me to assist with the safeguarding of the information critical to the continuation of your business. My role in our relationship will be similar to that of the sailor in the crow’s nest. I am not there to steer the ship nor am I there to read the compass or do soundings. I am there to keep a watch out for storms or pirates on the horizon and to keep an eye on the distant shore.

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