With an estimated 8 million businesses expected to sell or transfer their business due to the Great Wealth Transfer, you might be surprised on how few of these owners are preparing for their transfer. According to headwayexec.com, 58% of business owners have no transition or succession plan. Less than 1/3rd of businesses have a written exit strategy. As a ...
Recently author, Bob Shank, shared about succession planning with a small group of Kansas City leaders. Bob stated that our choices include lingering, committing larceny, or leaving a legacy. The final and best choice Bob proposed is leaving a legacy. Focusing on what’s best for the future of the organization will lead you to investing in those leaders who follow ...
In this series, we’re identifying lessons we can learn from Jesus on passing the baton to our next generation of leaders. Last time, we discussed Jesus’ commitment to pray all night to gain God’s insight on choosing His apostles. Jesus could have been like many leaders by only selecting one person to train. Instead, in Luke 6 we read, ...
When I ran track in high school, I learned that relay races are won or lost during the handoff of the baton. In November, Disney terminated their CEO, Bob Chapek, and brought back Bob Iger, their previous CEO. Although there was a lot of focus on Chapek’s failures, in my opinion the biggest failure was Iger’s mistakes. Iger was the ...
Family business and fatherhood are often messy. I previously worked for a man who had five children from two marriages. His love for his business often harmed and exasperated his children. He hired, fired and rehired his oldest son, with years of estrangement between them. The son eventually left the business. This father next hired and fired his son-in-law. ...
If you knew for sure that today was your last day on this earth, what would you do? On the day many call Maundy Thursday, Jesus knew it was His last day. Instead of finding his mother and brothers or going off in solitude, Jesus chose to invest His last day serving and training His leadership team. Jesus humbly served ...
In this series, we’re discussing the different seasons of life and how to live them with purpose and no regrets. The 4th quarter of life is typically those who are 60-80 years old. This is the season to turn your attention from yourself to others. It’s time to leave a legacy. Leaving a spiritual and financial legacy is a worthwhile ...
When Kathy and I finished our last estate plan, we had a son with autism whom we believed may never be able to work, an immature teenage daughter and no grandchildren. Now we have grandchildren, our son has a job, and our daughters are married and more mature. It’s time for us to update our will based on our changing ...
Years ago, a brother and sister inherited a small business when both parents died suddenly. Both siblings worked in the business, but the brother inherited control of the company. Suddenly he became the executor of the estate, the chairman of the board and the acting CEO. He had to manage three different roles while grieving the death of his parents ...
When Scholastic Corporation CEO, Richard Robinson, unexpectedly passed away, his estate plan surprised the world. According to the Wall Street Journal, Robinson left controlling interest of his $1.2 billion publishing business to his Chief Strategy Officer and former lover, Iole Lucchese. Robinson’s two sons and ex-wife are now at the mercy of his former romantic partner’s wishes. Robinson’s oldest son, ...
Equipping Others to Do Work Differently
