Making Hard Decisions

By Jenni Tarrant, Bond Hair Religion

When is it time to start creating a succession plan? When should you start making choices to expand your focus and increase the joy in your overall life, rather than specifically focusing on your business?

As a businesswoman of 18 years and a veteran of nearly 40 years in the industry, I have been asking myself: What brings me joy? What are the unnecessary stressors I can eliminate by thinking of the bigger picture - the one beyond the ‘big picture’? And how can I make the years until I retire as fulfilling as possible?

I sat myself down some time ago and looked at what I had achieved. I then turned my attention to what I still want to achieve over the next six and a half years. Yes, my exit date of 60 years of age is looming.

Over six years seems a very long way away for some, but this is how to stay on top of your game. Plan far ahead and then adapt to challenges and opportunities along the way. Keep your eye on the prize, as they say, which doesn’t mean just six months goals. Big goals are set years in advance and will guide many of your choices and actions in the present.

The biggest question I asked myself was, where will my focus be beyond my time as a salon owner? Even though I have the energy and determination to keep going, I have made the choice to fulfil a long-held dream: to open an orphanage and school for vulnerable children living on the streets in some of the poorest areas of Africa.

So, what’s next in terms of my commitment to my business? The only way for me to feel truly ready to move on to my next goal is to make Bond, myself, and my team the very best - in all areas. This may not be how everyone would like to retire but for me, bowing out at the peak of my success will complete my hairdressing career. Once I made this decision it was time to start breaking down the business sector by sector so I can focus on success in each one of them.

The first step was the sobering decision to close my beauty salon. The last day of trading was just prior to Christmas and ended a four and a half year journey. It is difficult to convey to you how difficult this decision was and how long I wrestled with it, primarily because I had a great group of people and had created a beautiful space. I had to assess my energy, my ability to stretch myself, and differentiate what really gave me joy. So many tears were shed. The old fears about being a failure crept in and the disorienting doubt in my abilities threatened to take hold.

It is really challenging to let go of things even when you know they are not serving you. It takes courage, determination, and a clear vision. Spreading yourself too thin makes everything suffer, including yourself. Once I made the decision and let go of the negative emotions, I shifted. I connected into higher energy levels and pinpointed my focus on Bond Hair Religion.

Step two… the team. I have some of the most incredibly talented and loyal team members. Some have been with me for 16 years, and others have been at Bond for over ten years. Incredibly, they are all still fresh, enthusiastic, and passionate about their craft. With this in mind, it was important for me to include them in a discussion about Bonds future plans. Hard work and loyalty should be rewarded so I have invited them to buy into Bond Hair Religion. They will all have an opportunity to purchase shares over the next six years with a view to one of them taking over ownership.

This decision was easier than it might seem because these four people have the same values and beliefs as I do. I will also use my remaining years educating and mentoring them in business success. My dream is for them to take the Bond brand to the next level. I am really excited to share everything I have learned and help this trusted group of humans to be their very best.

Step three… breaking up each year ahead with specific objectives for every business area to maximise our achievements. A critical element of our future success will be for me to keep our team excited in the present and for the future. I will make sure each individual gets to contribute and have their goals taken seriously and am very mindful that they have confidence in having workplace stability for their futures.

Your retirement shouldn’t be something to be fearful of, planning your exit strategy is the key for an easy transition and a celebration (in a good way!) for your team and clients.