Succession Planning: It Hinges on Leadership DevelopmentPosted: May 22, 2018
Posted in: Strategic Thinking
As Canadian baby boomers retire, it’s been estimated that $10 Trillion in small-business assets will change hands in Canada over the course of a decade*. We’re entering the peak point of this transition, according to economic forecasting, between now and 2025. Canadian business owners, in particular, have a lot to lose, if their succession planning is left on the back burner: their retirement security.
While the $10 Trillion figure also represents business sales, a portion of the business assets transferred will remain “in house,” with family members or key employees taking over operations while retiring leaders step back.
According to leadership coach and Executive Business Builder Program instructor Joanne Sigurdson, succession planning should start early, but it’s not too late to start now if you don’t already have a plan in place. But it’s going to take some leadership on your part, especially if you are an advisor working with clients who work hard at avoiding the issue.
“True leadership is not about making yourself indispensable. In fact, the less the business relies on you the more value it has...which is why your succession plan should start from the day you open your business door,” says Joanne.
What's important is to start fostering the development of the up-and-coming leaders today, and leave your business in the hands of individuals capable of maintaining the legacy that you’ve built.
The Executive Business Builder Program was developed to train those with business building aspirations on the core components of running a future-ready business. Level 1 of the program focuses on strategic business planning, operational foundations to support business growth and business law. As your successors progress in their skill development, levels 2 and 3 teach necessary skills for marketing, valuation and new leadership to continue to improve and mentor those who enjoy the company culture, into a bright new future.
Invest in the education and training of your successors now, so you can leave your business in good hands, and secure your retirement income cashflow.
This newly introduced program also provides mentorship and networking opportunities, and those enrolled in the program are invited to attend an exciting new addition – The Business Builder Retreat, taking place in Quebec City this November during the Distinguished Advisor Conference.
*statistics from the Canadian Federation of Independent Businesses (2012)
Additional educational resources: Sign up for a free trial of Joanne Sigurdson’s course, Business Leadership, Culture, and Continuity. Two CE/CPD credits are earned for the successful completion of any of Knowledge Bureau’s free trials. For additional networking opportunities, join the Executive Business Builder Network on LinkedIn.
COPYRIGHT OWNED BY KNOWLEDGE BUREAU INC. 2018.
UNAUTHORIZED REPRODUCTION, IN WHOLE OR IN PART, IS PROHIBITED.