10 Reasons Why Founders Will Not Let Go by Deboski Co.

The first month of 2013 has been interesting, to say the least. There is a new grandchild in the Deboski family, which always is exciting. But unlike our other grandchildren, this new little guy comes to us by way of an international adoption from Africa.  What a great way to usher in a new year!

But there has also been some interesting things happen at the other end of the age spectrum. Only a few weeks into the year and I find myself working with three unrelated business owners, all over 80 years old. They are still active in their businesses on a day to day basis and have the energy of men much younger than themselves. I find that remarkable!

You too may find that remarkable and see yourself doing the same. Or, you may be the opposite…looking forward to the day when you transition away from the day-to-day operations of your business.

Regardless of one’s view about their own succession, it is astounding how often we often meet with owners who for a variety of reasons have avoided any type of succession planning.

In a book written a few years ago titled Hats Off to You: Balancing Roles and Creating Success in Family Business the author, Ernest Doud lists 10 reasons why founders will not let go. Take a look at these to see if you see yourself in any of these.

  1. Too many people I’ve known have died soon after they retired ( or acted like they were dead)
  2. Without me the business is nothing
  3. Without the business I am nothing.
  4. I hate gardening, find cruises boring and get sunburned if I play too much golf.
  5. I need someplace to go every day.
  6. The kids want to change the way the business is run; if I am not there, they will change what I have built.
  7. I don’t want to choose between my kids to name a successor
  8. The business is my major source of income. I have to stay active to protect it.
  9. Nobody can run the business as well as I can.
  10. They may run it better than I did.

Can you relate to one or more of these? Don’t let reasons like this keep you from getting yourself, your business and your successors prepared for your transition. Even if you plan on being in the business until you are 80 years old, there are still pieces of the puzzle you need to look after right now.

We can help.

Deboski&Co.

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