Are You in Transition?

There has been a lot of talk in recent years about the younger generations.  First it was Generation X, those born between 1965 and 1976; then it was Generation Y (also called Echo Boomers or Millennials), those born between 1977 and 1994; and more recently, it’s Generation Z, those born between 1995 and 2012.

But in this message, I want to address Baby Boomers, those born between 1946 and 1964.  If you are an early Baby Boomer, you are in your mid to late 60s.  If you planned to retire by this time, The Great Recession of 2008 may have gotten in your way.  But if you are a business owner now in 2015, or even if you aren’t, you are likely thinking long and hard about the next decade or two.

I talk to many business owners and managers who are currently in this situation.  Frankly, most aren’t sure what to do. Whether this fits your situation or not, here are some good questions to ask yourself:

• Should I try to sell my business and take some “chips” off the table?
• Is my business actually saleable at all?
• Do I have a succession plan, and if not, is it too late to create one?
• What will I do with myself if I no longer have a business to go to each day?
• Have I prepared myself for life in retirement, and will I be happy if I retire?
• And what will retirement actually look and feel like?
• Do I have family or staff who can carry my business forward?
• How should I go about my next steps in planning?

These are a sampling of the kind of questions you need to consider as you plan for the coming years.  As one Baby Boomer told me recently, “I love my business.  Why would I ever want to leave it?”  The answer: you might not.  Then again, if something serious happened to you, you would want to know that your business, and your personal affairs, are in good order for those who need to pick up the pieces.

If you need some help with planning, make sure you get it.  This may be the most important decision you make this year.

Here are a few Business & Life Tips to think about…..

Business Tips:

• Want to attract and retain great staff? Treat them well, be honest, make work fun, and do what you say you’re going to do.
• Your mind clears when you take time to think. But you can’t think when you’re mired in the details of your business.
• If you want to own a successful business, you must be in a position to lead and manage it, and not try to do everything in it.

Life Tips:

• We are wise to seek counsel on important matters, rather than to rely exclusively on our own instincts and understanding.
• Isn’t it interesting that the obsession of making a good living and building wealth can keep you from having joyful life.
• Fair is not always equal, and equal is not always fair. Live by fairness, even if at times it puts you at a disadvantage.

Here are a couple past articles written by Bill:

Catering to Millennials

How to Highlight the “Success” of “Succession” Planning 

Tags: Advice, Crisis Management, Developing Leaders, Dreams, Friends, happiness, Knowledge, Leadership Problems, Leadership Skills, Life Tips, Management, Project Leaders, Responsibility, Success, The Mind of a Leader, Vision