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CAPITAL IDEAS UPCOMING EVENTS OCTOBER 2: BRAND[ED] WORKSHOP - FIND YOUR SPARKLE Create a business plan, define your brand, master social media tools and practice styling photos with some locally sponsored swag. ■ Where: The Commons Calgary (1900 11st S.E.) ■ When: 11 a.m. to 4 p.m. ■ $350. More info at botcommunications.com/ calgary.
FINANCIAL POST
CA LG A RY H E R A L D
C A P I TA L Q U E S T I O N
WHAT CAN YOU DO TO FIND THE RIGHT SUCCESSOR FOR YOUR BUSINESS? Entrepreneurs discuss how they plan to find the next leader of their venture “At this point in our almost 40 year history, we do not have family members ready to take over the business. That might change as our children mature in their careers, but at this point they do not think they would want to take over. If that is the case when we are ready to retire, one of the things we will do is to look at our contractors and training partners who have the same passion and values to succeed as us. We will be vetting this through personal experience and observation, and recommendations from others in the industry and their clients. It will be as important to us, as it was to our parents, that our hard work was valued, and our name will continue to be associated with quality and value.”
OCT. 28: 2ND ANNUAL NORTH AMERICAN WOMEN IN ENERGY FORUM A platform designed to recognize the contributions that women make to the energy sector, their future in the sector and as a platform for dialogue on key issues. ■ Where: Hotel Arts (119 12 Ave) ■ When: 8 a.m. to 3 p.m. ■ Admission: $180. More info at womensenergyforum.com
Merri Lemmex, managing partner of operations, Lemmex Williams Training Inc., lemmexwilliams.com
“Start three to five years out by mentoring a protégé and creating backup for key positions. There’s no room for self indulgent territorial managers that should get with the program or get out.” Dave Birkby, president at Vector Energy, vectorenergy.ca
NOV. 23-24: WOMEN IN LEADERSHIP AND BUSINESS CONFERENCE Designed for leaders, managers and entrepreneurs who want to advance their career or grow their business. ■ Where: Hyatt Regency Calgary (700 Centre Street) ■ When: 7 a.m. to 4 p.m. ■ Admission: $1295 early bird. More info at wilbconference.com
“Succession planning is a major focus of all my companies right now. The issue is that so much of our service base, education base and standards creation comes from my own knowledge and experiences, further blended with my personality. I have come to the realization that if I am to protect my companies from closing if I cannot continue, I need to replace myself. Identifying the types of people that need to take on certain portions of what I do has been the slowest process, which is why, once I saw the longevity and complexity of the legacy we are building, I started looking for the right people to mentor. Between mentorship, formal training and development of internal processes, we are now on track to safely replace me as a leader, to ensure the success of that legacy when I am gone.”
For more great events, visit capitalideascalgary.com/ calgaryevents.
Bernadette Bosse, president of dms360, dms360.ca
“A successor for your business should be familiar with the work you do and be aligned with your values. Someone you can trust to service your clients as they expect and maintain the integrity of your practice. Perhaps that is someone within your organization, someone you collaborate with, or a competitor. Give yourself a few years, keep your options open and let others know you are seeking a successor.”
COMMUNITY QUESTION
How do you establish your leadership presence?
Steve Fylypchuk, president of Murphy Business Alberta (murphybusinessalberta.ca) suggests hiring a third-party to assist with succession. “After considering your staff and family, of course your best bet is to hire a third-party intermediary. Finding the right individual or partners to buy your business can be very difficult and unsuccessful unless you know what you’re doing. Most people have no idea where to begin because they have never done it before nor have they researched the process. Even researching the subject does not immediately tap you into the type of network that professional business intermediaries have developed over the years. A professional will also have expertise in vetting potential buyers, only introducing good candidates to the business owner, which saves the business owner time and allows the owner to continue to manage the business until the eventual succession date.”
Michelle Phaneuf, Alberta co-director for Workplace Fairness, workplacefairness.ca
“From day one, the question of when to sell is often an emotional one for a business owner and can be a moving target depending on your frame of mind. John Wooden is quoted as saying ‘It’s too late to prepare when the opportunity presents itself’. You can start that at anytime, just don’t put it off. By being prepared for sale you enjoy the results of your business and you have the choice to sell it or not.” Rick MacLennan, owner MACINK Coaching and Consulting, mymacink.com
P H O TO BY: RYA N SAWYE R
A leader’s influence can greatly affect a company’s culture and set the tone for success, which is why Laurie Stretch, general manager of Edelman Calgary (edelman. ca) would like to hear from you: How do you establish your leadership presence? You can answer the question in two ways: Open today’s Capital Ideas email if you’re a member or visit capitalideascalgary.com. We’ll publish the best answers, along with your business name and website address, on Oct. 8. Laurie Stretch will be participating as a panel speaker at the North American Women in Energy Forum on Oct. 28. Go to womeninleadership.ca for more info.
Business owners helping business owners
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These answers are in response to a question posed by Wellington Holbrook, executive vice-president of ATB Business. Here’s his take: “If you are like many entrepreneurs, your business is your baby and just handing the keys off to anyone is a tough thing to do. So you want to start the process early and identify possible candidates that you believe will have what it takes to keep your business moving forward. Look at people you know for potential but don’t stop there. Look at using your network to extend your reach further by asking them to be on the lookout too. Once you have identified some great people with potential, make it personal and establish relationships with them. Clinch it by making sure you have an exciting story for your business that will inspire your successor to fully buy-in.”
R O U N D U P : R E C E N T P O S T S F R O M C A P I TA L I D E A S M E M B E R S Find the full posts on these members’ LinkedIn profiles. We’ll curate a selection every Friday on our LinkedIn group, Capital Ideas Alberta. To bring yours to our attention, email it to hello@capitalideascalgary.com or use the hashtag #capitalideas when you post to LinkedIn.
From “Don’t do your best. Here’s why.” by Melanie Love, CEO & founder at Front Room:
“Not every task on the path to creating brilliant products and excellent services requires our very best. It requires that we do the task justice with the information on hand then move along to the next thing on the list, improving along the way.”.
From “When 10 X 10 does not equal 100” by Dylan Gallagher, founder at Bridge Capital:
“Doing 10 things at 10 per cent does not equal a 100 per cent result. I think many entrepreneurs and business owners are guilty of getting this equation wrong – myself included.”
From “5 leadership lessons tracking an elephant” by Wilma Slenders, founder at Transcend Management Advisors Inc.:
“Tracking elephants or leading organizations, strong leadership, clear expectations, preparation, intentional choice, risk acknowledgement and mitigation are all important.”