How a Change Relates to Presidents and Succession Planning
Heraclitus, a Greek philosopher is recognized for his quote, “change is the only constant in life,” dating back to 500 B.C. Long before our current environment of what seems like constant chaos and change, it was known that no matter what, we can count on it like death and taxes, and change requires multi-unit franchisee owners to be proactive with succession planning strategies.
Change is inevitable as we navigate a new presidential administration. The chaos that has recently ensued is most likely to be a foreshadowing of the future. The outgoing president created an environment where the incoming cabinet will undoubtably enact change in potential historic proportions. Are you prepared? This is a call for multi-unit franchisee owners to focus on being proactive and prepared to be ahead of what new lawmakers may propose for changes that will have an impact on your business and personal finances.
Like a candidate running for president who is then elected, there is a lot of thought and planning around what the first four years will look like. There are no guarantees of a second term, so you have to plan for the time known to be in office. The change in presidential office directly correlates to the paradigm of succession planning in that you must stay engaged in developing a plan, and importantly, be very flexible. With the right strategic planning focused on succession, you are inherently creating a better ability to flex in the face of change.
Succession planning is a proactive effort that focuses on through the next generation of multi-unit franchisee owners and leaders. It’s easy to think of it as something as simple as a transaction or sale. But succession planning takes into account all the factors of our Succession Matrix®. And developing a strategy starts with developing your goals. Once you have developed your goals you can start with a strategy. And there’s no better time to turn your strategy into a plan.
A factor of the succession planning matrix is strategic planning. In strategic planning we think of the current strengths, weaknesses, opportunities, and threats to an organization that could impact the desired goal or future legacy. No president, party, or policy can derail someone committed to planning. While it can change rules, structures, and laws, proactive succession planning can work around any change that may come your way.
One key theme emerged at the recent inauguration speech by the new president. Unity. At the core of anything successful and fruitful is unity. This is also a core foundation of succession planning. Once a plan is developed, it is so important to have unity toward a common goal. Any party not in line with the overall goal will either slow down the process, stop it dead in its tracks, or hold everyone hostage to their whims. I have seen it happen, everyone verbally agrees to the goal, but the self-serving priorities of one or two can derail even the best laid out plan. A proactive engagement in consistently communicating with all parties who have a vested interest in the ongoing success of the organization will ensure you will be able to hear all those around you and decipher if they are working toward the stated plan or toward their own agenda.
One example I always like to share with my clients is that of John Boyd. Almost every time his name is mentioned I get a blank stare in response. John Boyd was a military strategist who developed the OODA cycle. He deployed a strategy that involved observing, orienting, deciding, and acting and the US military continues to use the strategy today.
As we navigate into a new presidential term understanding that change is inevitable, we also know that by setting proper goals and establishing flexible strategies, we can overcome almost anything that 2021 and beyond have to offer.
Being a part of his own family's business, Champ Rawls has a unique insight into the difficulties, challenges, and triumphs families face when combining family and business. Champ has been officially associated with The Rawls Group since 2012, although it could be said he become a part of the team in 1984, when he was born into the family business. For more information visit www.seekingsuccession.com
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