15th Key (Video) Business Owners Do Die: Legacy or Loss? Your Executive Business Coach Explains
Give me $10,000! Why? Because you clearly don’t want it, so give it to me! Actually, make it $500,000 . . . better yet, a cool million!
Do you think I am crazy to ask you to give me money? I am not. But, YOU ARE THE CRAZY ONE because you are giving away the value of your company because you do not have a plan to realize that value when your working years are over. What’s up with that?
Don’t be so selfish
The loss of value when you fail to develop and create a business succession plan is more than the lost of your personal wealth. It impacts the entire economy. The company, BizBuySell, estimates the failure of business owners to transition their company cost the US economy 308,000 jobs and $11.5 billion dollars in consumer and investment spending in 2010. And for family-owned businesses, the absence of a business succession plan can create family friction, confusion, and cost the estate a lot of lost revenue, taxes, and legal fees.
I am here to tell you that is total and absolute crap! Stop leaving this money on the table. Stop leaving your employees to figure out what to do next because you have not stopped to take this final step! Prove you are the good boss and good member of your community that you like to think you are!
Plus, you took all that risk to go into business and sustain the business. Develop a plan for the future after you are no longer there.
The 15th and final of the 15 Keys to Building a Quality Long-Term Organization is “Are you Building the Company to Thrive Without You?”
The 15 Keys are done, but we are just beginning
First, to those that have been regular readers of my blog, I appreciate the comments and the feedback. I have to admit I love doing this and talking about business.
Second, what is most exciting for me is how much more I have learned during this time and how much clearer I am on the direction I will take RMC in the future. I am committed to the belief that if YOU decide to improve and grow your company, it translates into more profits for you but also a better quality of life, more productive employees, satisfied customers, and good things for your community.
What can be bad about that?
Until next time, we end this post on the 15th Key with the message from the first Key which is the First Fact in Business – The Success or Failure of any Organization is the Responsibility of the People Running the Organization – Management.
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