Going Beyond Whack-A-Mole: Succession Planning for Success
Many of us went to fairs, arcades, and midways where games of “skill” & chance could be played for prizes. Some have suspect physics (the baseball in the peach basket game comes to mind), some require a bit of skill (learning to throw the perfect curve in skee-ball is a life-accomplishment for a 12-year-old), and some simply require fast hands and eyes, which is the epitome of the game Whack-A-Mole.
Whack-A-Mole is simple; hold a cloth covered mallet and watch the game pop up a metal “mole” through a hole. As it comes up, you whack it back down. The game goes faster and faster until time runs out. In the later stages of the game it is practically impossible to whack all the moles. This is the day to day reality for many business owners.
In Whack-A-Mole Management Mode, behavior is completely reactionary. No action is taken until the mole raises its head. The business owner is stuck dealing with issue after issue, not proactively planning and growing the business. It’s survival mode at its finest.
That’s where a talented Business Advisor can be a vital partner to break the cycle. Business Advisors help an owner think beyond the day to day and make plans that will allow a business to thrive in the next generation and beyond. Three key areas where a Business Advisor can assist are:
- Succession Planning: Seeing a business grow and continue beyond its founder is a unique challenge that is full of pitfalls, blind spots and emotion. Partnering with a Business Advisor insures that details won’t get lost in the day to day work.
- Selling a Business: Retirement, relocation, or simply being ready for a change are all reasons to move on. Getting the best value and finding the right person to take over is key to feeling like the transition was successful for you and for the buyer.
- Buying a Business: Growing your business through acquisition is a key strategy, but it takes effort and energy. Finding opportunities, investigating their viability, and understanding their overall fit with your goals takes time. Time that someone caught in Whack-A-Mole Management Mode can ill afford to give.
Balancing the day to day decisions with forward planning is the unique challenge of the business owner. Too much Whack-A-Mole and the business owner is at the mercy of the market. A partnership with a trusted Business Advisor can make all the difference.
Contact us at [email protected]. Let’s start planning today!
A question I get asked often in speaking with company owners is “When is the right time to sell my business?” There is a great deal of emotion that goes into selling a business. In terms of stress, it canRead more…