Articles

This is the first in a series of articles which deals with succession planning and transitioning your business.

For many entrepreneurs, succession has negative connotations. It implies premature retirement! The dictionary definition of retirement is to take something out of use. Understandably, no-one will get too excited about being taken out of use!

As we experience the aging process, it is only natural for us to feel concerned about “running out of the time” and “not having the energy” to achieve our goals. Questions like, “How long can I carry on doing this?” and “Who will carry on after me?” is always front and centre on our minds.

At Wolrige Mahon, when we speak with you about Transition, our goals are to help you answer these difficult questions and to show you how to take the steps necessary to ensure you and your businesses thrive after you hand over the reigns. Getting you to this “bigger future” is what we refer to as Transition.

Transition is all about making the changes that will enable you to reach your business and personal goals even if you are not around to see the finale. Transition is about nurturing the people who share your passion and who believe strongly enough in your vision that they will continue to build and strengthen your legacy. As importantly, it is also about what you do (and how you feel about it afterwards) when you hand over the reigns!

Wolrige Mahon’s SuccessCare program is designed specifically to assist you in getting to this “bigger future” and to achieve Transition.

You must transition ALL of your capital.

When planning Transition, we easily identify the need to deal with our physical or financial capital. Working with trusted advisors such as accountants, lawyers and bankers to minimize risk and taxes is often the easiest piece of the puzzle.

But, leaving a legacy and getting to the “bigger future” also requires the transition of your Social and Intellectual capital. Your social and intellectual assets are as critical to the success and continuity of any business as your financial capital. They are aso vital to your personal well being.

Let us explain briefly what we mean by your Social and Intellectual Capital.

Your Social Capital is the term given to the resources that give you the ability to share and collaborate with others. It is founded on common principles and values. It encourages co-operation among people and it is the glue that holds us together and allows us to build bridges to others. Social Capital includes such things as neighbourliness, empathy, respect, philanthropy and community involvement. It deals with relationships on all levels.

Your Intellectual Capital refers to you and your key people (family or otherwise) who run the organization, run the family etc. and who ensure your personal success and the profitability of your business. It is your Intellectual Capital which will allow the business to Transition without your continued involvement and ultimately to realize your vision. It may be your most important asset!

Your Transition Plan therefore has three components, physical, social and intellectual. All of these are equally important and equally deserving of careful consideration.

Our SuccessCare Program will assist you with this process.

Please call Diane Friedman or Paul Gaster at Wolrige Mahon for further information (604) 684-6212.