insight : luann nigara
Succession Planning: The Benefits of Creating Your Business with the End in Mind Looking toward the long-term sustainability of your business will actually help you create a stronger company now
W BY LUANN NIGARA
e don’t typically go into business planning for the end of that business. For most of us, our business comes from a passion. When we launch a business, we’re bringing fire, energy, spirit and momentum. The furthest thing from our minds is closing the chapter on that same business. But experienced business owners, expert coaches and advisors know that businesses do end. Even if right now you are certain that you will be a window treatment professional or interior designer for the rest of your life, there’s a chance that won’t happen. Life changes, circumstances come up and the unforeseeable happens. And, presumably, most of you will look to retire at some point. This is something we have been talking about at Window Works for the last several years: We need to plan for the end of the era of me, Vin and Billy, even if the end is nowhere in sight. And, as of late, it has been coming up among my colleagues at Exciting Windows! Thinking about how hard we’ve all worked, how much we’ve all put into our businesses and what the future holds beyond our direct involvement is leading us to big questions and tough decisions. One of those big questions, and one you might ask yourself if you haven’t already, is whether you are creating something temporary or building a legacy. For us, at about year 10, we decided we were creating a legacy. Our business matters to us now and it matters to us that it lives on after us. If you are creating a profitable business with a strong legacy, then you must put in the work now to make sure that the business will go on without you.
22 | SEPTEMBER + OCTOBER 2021
Succession planning can seem elusive and a bit overwhelming but it doesn’t have to be. Like everything else we do in business, we need to have a go-to expert to help with the nitty-gritty. As we faced this challenge at Window Works, we turned to my cousin, Eileen Hahn, who lists leadership development and continuity among her many skills. When I reached out to Eileen, I expected to get some valuable insight on succession planning. What I didn’t expect to hear was that a big shift is happening in terms of what succession planning even looks like and how to fold it into your business.
| wf-vision.com
What should succession planning look like for small businesses?
The traditional thought process on succession planning is to wait until you need or want to get out. Then, you figure out if you are passing on the business to family or selling, and build an exit plan around that. But according to Eileen, businesses today are evolving their thoughts on succession planning to instead focus on long-term leadership continuity that ensures the health and prosperity of the business. Developing, training, coaching and assessing leaders within the organization is part of the fabric of what high-performing organizations are doing on a continuous basis with an annual review
