Play Big is all about being deliberate in creating future success, as an individual and as a leader in your company. Recently I wrote about the human side of succession planning in an article entitled Succession Planning: What's Next, What's After? Leaders struggle with how to both honor the legacy of a business owner, while also doing the work to strategically plan the future of the company. My understanding of this struggle was elevated at the recent launch of The Exit Planning Institute San Diego Chapter, where I learned of the staggering statistics facing our business owners:
70-80% of owners who want to sell their businesses are not able to close the deal
Only 30% of family-owned businesses survive 2nd generation ownership
After 12 months, 3 of 4 owners profoundly regret the decision to sell
Within The State of Owner Readiness report for Greater San Diego, The Exit Planning Institute, in partnership with BNY Mellon Wealth Management, found that only 6% of owners had a written post transition personal plan. No wonder three out of four profoundly regret the decision to sell! Moving forward, the most successful transitions will include deliberate attention to the human side of succession planning -- for people on both sides of the baton being passed.