[author: Kendall Rawls]
As a business advisor, one of the most important factors to consider when working with business owners is understanding their motivation and perspective. This is because the way a business owner thinks and acts significantly impacts the success of their business. In fact, owner motivation and perspective can influence everything from the company culture to key leadership retention, business strategies, working capital, and the ability to achieve long-term success and build value.
When it comes to advising business owners, and even specifically succession planning, owner motivation and perspective are particularly crucial. The owner’s views and priorities will ultimately determine the direction, options, and opportunities for succession planning. In other words, owner motivation and perspective are the alpha and the omega of business succession planning. They represent both the beginning and the end of the process.
No two business owners are the same, and their perspectives and motivations can vary greatly. This means that every organization is unique, and how an owner views, defines and prioritizes success will set the tone for the company’s purpose and service mentality.
For example, some business owners may be primarily motivated by financial gain, while others may be more focused on positively impacting their community. Some may prioritize growth and expansion, while others may prefer to maintain a small, family-owned business.
Understanding these motivations and perspectives is essential for creating a succession plan that aligns with the owner’s goals and values. It can also help to ensure that the transition process goes smoothly and that the company’s culture and values are preserved.
Ultimately, the key to successful succession planning starts with deeply understanding the business owner’s motivation and perspective. By taking the time to listen and learn, business advisors can help create a plan that meets the unique needs and goals of each owner and their organization.
Want to learn more about the different motivations and perspectives of owners, and how they specifically impact culture, family-business balance, key manager retention, and how to build succession strategies based on your client’s specific goals? Enroll in the Certified Succession Planner™ program today!
