How do you like to celebrate your holiday weekend? Here in the United States, we celebrate our national freedom this weekend.
Many entrepreneurs spend more time planning for this holiday weekend than they do considering what their future might look like. Have you considered what your succession plan would need to provide to give you financial freedom?
In my experience, it takes entrepreneurs two to three years to build and execute a successful succession plan. This stage of life is more of a marathon than a sprint. So how do you develop the best succession strategy? The right succession plan can provide you and your family financial freedom!
For many entrepreneurs, it feels like we’re on a roller coaster and we can’t get off. The good news is we have time to get ready. Since more and more people are living into their 90’s, we might want to consider how we invest the rest of our lives. How can we achieve the goal of financial freedom?
As we talk, you might want to consider how ready you are to begin developing your succession strategies. Most people think about leaving the business when something major happens in their lives. It could be a death of a loved one, a divorce, or an illness. There can be any number of trigger events, but all of them have a profound impact on how we live our lives. I believe we’re better off taking control of our lives, rather than leaving it to chance.
I believe that individuals who are successful have philosophies about how they live their lives, what’s important to them, and what do they stand for. There are as many different philosophies as there are successful entrepreneurs. You might have learned your philosophy from others and then adapted it, taking bits and pieces from a number of success systems. Almost all successful entrepreneurs’ philosophies focus on achieving financial freedom at some stage of their careers.
For some odd reason, we don’t have many examples of people successfully exiting their businesses and moving on to the next stage of their lives. Many entrepreneurs tell me their succession plan is to be carried out in a box. Why do people think there is some sense of honor in being the last man or women standing in their business? I don’t agree, I think you have so much more to contribute to your spouse, your family, your community, and our world.
I can understand that many of my best clients and partners are over 70 years old and have no intention of leaving their role until they leave this planet. Many of my best mentors never left their roles. However they did the work they loved and delegated the rest. Have you considered how you might build a succession strategy that can give you more of your time back?
Though recently entrepreneurs have been made the villains, the reality is we built this country and we pay more than our fair share. Many of us we love what we do. We can’t imagine a time when we aren’t involved in our business. Is there another option where you invest the rest of your life? What would a successful succession plan look like for you?
Are you willing to explore the idea that you may be more than just another business owner? Are you willing to consider there might be something more out there for you to do?
I’d like to help you reignite your passions! I want to get you to put the same energy and drive that made you successful in your business into the next stage of your life. I want you to begin considering the possibility of you exiting your business over the next several years and achieving your financial freedom.
I want to help you create a lasting leadership legacy for your life. I want to help you consider your choices. A successful succession strategy should be about you as a person as well as an entrepreneur. I want to take you from the mercy of chance to the power of choice.
Here are your first three questions to consider this week as we go into a holiday weekend.
- What is the greatest thing I can do with the rest of my life?
- How can I continue making my unique contribution to the world?
- What do I want my legacy to be for the next stage of my life?
Take time to consider these questions when you look in the mirror. Consider what it would mean if you had the answers to these questions. Don’t your answers make you feel more alive?
Over the next several months we will talk about different ways to begin building your succession strategy, so stay tuned.
Have a great holiday weekend! See you next week.