You are ready—ready to start the transition process for your business. What you’d really love is to pass the business on to the next generation; keep it in the family; pass down that legacy to your kids and hopefully your grandchildren.

 

But your kids are hesitating. They aren’t sure they want the business, and frankly you don’t get it. Why wouldn’t they want to be their own boss, set their own hours, never work for someone else. Isn’t that the dream?

 

A little self-reflection might help you better understand their hesitation.

• How often did you come home and complain about your customers and how they always wanted something for nothing?
• How often did you miss events due to “the business?”
• How often did you share the good days and the joys of running your own business?
• Did you ever offer a surprise – like taking the day off unplanned just to hang out with the family? (Yes, it is possible to do this, and I’ll discuss it in future articles.)

Are you seeing a theme here? We see all the joys of owning a family business, yet we forget to practice that process of “selling it” to our kids during their formative years. After a rough day at work, it’s common to unwind (and sometimes unload) by sharing things with our family. However, if we don’t also share the excitement, the joys, and the financial opportunities of running a business, then we shouldn’t be surprised when no one wants to follow in our footsteps.

 

As you ponder this, ask yourself: “Would I want to follow in my footsteps? Am I selling the complete picture—the good and the bad—to the next generation so they can make an informed decision?”

 

Too often the answer is no. We share the downside and not the up, and then wonder what happened when our kids want to do anything else but take over the family business. Start now to share the positive as well as negative aspects of running your business, and you might find the next generation eagerly waiting for you to hand hand them the reins.

 

 

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Entrepreneurs and setting goals is a popular topic. Dan Sullivan had a perspective worth sharing in the May issue of Success Magazine. The concept is rather than trying to double or 2 times where you are– go for 10 times where you are. “WHAT?” I hear you all scream. “It is hard enough to achieve 2 times where I am, how on earth can I even consider a 10 X goal?” That is exactly the point.

A 2 X goal is really just pushing what you are already planning into the future (assuming you are planning). The ability to achieve the 2 X goal is a probable anyway. There really isn’t rocket science, you know the basics—hard work and you will achieve the 2X goal.

Now for the 10 X goal that starts pushing you out of your comfort zone. I can already feel the squirming. A 10X goal forces you to look at what is really going on in your business. It forces you to look at inefficiencies. It challenges you to think out of the box, to put systems in place to handle 10X, to understand your business, structure your business, and PLAN. You must now think differently, observe differently, plan differently and execute differently. Once you start thinking 10X you will notice opportunities, changes, and perspectives. Then you can start making the changes that are required.

Here are my perspectives and 4 ¾ downsides to this type of thinking:

1. Shooting for 10 X – you might not make it, you might only reach 5X.

2. 10 X thinking creates perspectives on your business and forces planning.

3. You don’t know how to think 10X? What better way to start looking at everything from a different perspective? Read, ask, get advice, reach out to others, be humble. Even if 10X is achieved, I guarantee your 3, 4 and 5X will be more profitable.

4. For 10X I need to look outside the box, and that creates FEAR. False Expectations Appearing Real – so what are your real fears? Figure them out, since they will probably keep you from achieving 2 X. There is no better time than the present.

4 ¾ Reality is I don’t see any downside to 10X type of thinking. The danger really lies in 2X thinking. Thinking too small limits your potential, who you can be, and can lead to my favorite quote: “Hell on earth is seeing the person I could have been!”