Succession Secrets

Succession Secrets

By Steve PredaBusiness
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Succession Secrets episodes

  • 047 - How do I know that my Successor is Qualified?
    This question came from Shane who lives in Chesterfield, VA.

    The first thing to establish is how we define “qualified”.  Does qualified mean “as good as you”, or that he is “good enough to handle the role, and has the potential to succeed in it”?  The latter question is more relevant, as if he is already as good then maybe he should be promoted over your head. (Just kidding. Sort of.)

    The second question is whether ¬you are ready to move on so that it’s worth replacing you at that stage?  Is there a compelling opportunity that warrants your replacement?  -- If not, then this is probably not the time… yet.

    In today's show, we discuss how to evaluate if your successor is good enough to handle your responsibilities.  We also contrast succession in the case of an “entrepreneurial” vs. and “operating”-type role… and three techniques for accelerating succession of your “heir apparent”, if you have urgently to promote yourself to a bigger opportunity.

    Finally, I describe three criteria that should be considered when making the go-no go succession decision.

    Tune in to listen to the show, or read the transcripts on http://successionsecrets.podbean.com/.  If you have a succession-related question, tweet it to #asksuccessionsteve or email me at [email protected].  

    If you enjoy the show, please rate us on iTunes.  It helps.

    Your Succession is Success!
     
    Visit Us: https://entrepcoaches.com/what-is-eos/
    11 min
  • 046 - How to Retain Key Staff Without Equity
    Today’s question came from Roger in Amelia, VA.

    The first issue I address on today’s show is whether people have other reasons to stay with your firm than obtaining equity and how these drivers can be mobilized to negate the need for employees to own shares in the business.

    If the main reason for people to stay is maximizing their income, several equity-alternatives are available, including performance-based compensation and regular salary increases.

    If your employees “need” equity, we explore what their needs are and how owning equity would satisfy such needs, or how granting shares could help the business owner.  

    I identify seven such reasons on the show, including alignment between owner and employee, prestige, influence, tax treatment, etc. and suggest alternative solutions to granting equity. Even if equity is the ultimate solution, there are options that allow business owners maintain flexibility and protect themselves should the partnership ever sour.

    If you like the show, please subscribe to “Succession Secrets” on the iPhone’s Podcast app or on your favorite podcasting platform. 

    You may also read the transcripts at www.entrepcoaches.com/podcast. Thanks for following the show.

    Your Succession is Success!

    11 min
  • 045 - If There is No One to Succeed You
    What do you do when there is no one inside or outside the business that could succeed you? This was the question I received from Paul, who lives in Fredericksburg, Virginia.

    Listen to today’s episode to find out my six strategies to solve that problem.

    Strategy no. 1 is to find somebody further down in the organization, with the potential to be groomed into the job. Let this person shadow you, perhaps as a personal assistant/secretary or PR person. Later on, you could assign them important roles in senior management of the business. A future CEO is best off to have had exposure to sales, operations as a minimum and possibly finance.

    Strategy no. 2 is to poach a number two or three person from a competitor, where they have no prospect of an early promotion. Maybe they have been passed over or the top dog is too young to move on anytime soon.

    For strategies 3 to 6, tune into the show. 

    If you like the show, please subscribe for “Succession Secrets” on the Podcast app on the iPhone, which is installed on all iPhones by default.  If you are an Android user, you can find Succession Secrets on most podcasting apps. 

    You may also read the show transcripts at www.entrepcoaches.com/podcast. Thanks for following the show.

    Your Succession is Success!
     
    Visit Us: entrepcoaches.com
    9 min
  • 044 - Transitioning a High Relationship Business
    A High-Relationship business is one where clients have a relationship with a specific individual, often the founder or the CEO, and it is primarily this relationship that keeps them coming back to the business. Contrast this situation with dominant market players, such as KPMG in accounting, where the brand awareness dominates client-retention.

    Examples to high-touch businesses include: money management, legal services, medical services, insurance sales, etc.

    The goal of a succession process is to transfer all client relationship to succession management or a new owner, without losing any business.

    In today’ episode, I describe six ways that transition can be affected by high-touch businesses to avoid losing clients. In fact, I believe the firm will gain clients by following this process.

    You can listen to the show on your iPhone or Android phone, by downloading any podcast app and searching for “Succession Secrets”. If you like the show, please “subscribe” for Succession Secrets on the Podcast app on the iPhone, which is installed on all phones by default.

    You may also read the show transcripts below. Thanks for following the show!

    Your Succession is Success!

    8 min
  • 043 - From Entrepreneur to Venture Capitalist
    In this episode, I am answering Darnell’s (Hampton, VA) question:  How do I Transition from an Entrepreneur to Venture Capitalist?

    There are several examples of successful entrepreneurs becoming serial entrepreneurs and eventually venture capitalists.  Motivations could include, high non-executive earnings potential, curiosity, and desire to be involved in state of the art technologies with smart, driven entrepreneurs, a stimulating lifestyle, and the ability to mentor smart and successful people.  

    These are all possible reasons. The most valid business reason, however, is to use venture capital to leverage your skills and network.

    In this episode, I describe how to acquire the knowledge to play in the VC world and six different tactics that an entrepreneur might use to get exposure and even immersion in venture capital.

    Thank you for listening.  If you enjoy the show, please go to iTunes and rate us, so that it can get in front of a bigger audience. 

    If you would like me to answer your question in an upcoming episode, email me at [email protected], or better yet, tweet your question to #asksuccessionsteve.

    Listen or download episodes at http://entrepcoaching.com/podcast or you can search for "Succession Secrets" on any of the Podcast broadcasters below:

    Apple Podcast App search: "Succession Secrets"
    iTunes: www.apple.co/25SJZAo 
    Stitcher: www.stitcher.com/podcast/succession-secrets 
    SoundCloud: www.soundcloud.com/successionsecrets 
     
    Your Succession is Success!
     
    Visit Us: https://entrepcoaches.com/getting-started/
    12 min
  • 042 - How to Get Proprietary Deals
    In today’s episode, I answer Marian’s question which he emailed from Slovakia.

    Proprietary deals are those, to which you get to first. It is the opposite of a non-proprietary deal, which is being shopped by an intermediary who wants to turn you into a commodity so that you have to compete with price.  

    Marian works at a buy-and-hold private investment company and wants to get deals where he can build a bilateral relationship with business owners. Bilateral is good. Relationship is better still. How can he do it?

    This is a big topic, but in today’s episode, I describe my 8-step process to build a proprietary deal flow. 

    1. Articulate the types of deal (Size, Situation, Sector)
  • Buy and research a list
  • Craft your story and message
  • Get your story out
  • Become a thought leader and serve your target market
  • Network with intermediaries serving your market
  • Reverse engineer the desired results
  • Turn reaching out into a habit

    • Yes, it involves planning, process and persistence. But it works. It is the exact process (plus social media) that allowed me to build a market-leading investment bank.

    Question of the Day: How do you generate dealflow?

    Your Succession is Success!

    17 min
  • 041 - Are You Thriving on Adrenaline
    Adrenaline is Addictive.

    The excitement of deadlines, running late, and courting danger is a source of joy for business owners and executives. It gives us a boost of energy that we use to get projects done and put out fires.

    The problem is, that adrenaline was designed for survival, not for living. In fact, your addiction to adrenaline can prevent you from building a great company. It is the single biggest obstacle to succession.

    In today’s episode, I discuss why business owners succumb to adrenaline addiction and how they stay stuck in reactive mode as a result. You will learn how to wean yourself off adrenaline, by replacing it with another, more productive addiction.

    Question of the Day: What is super-important for your business that you can’t get to?

    Your Succession is Success!

    6 min
  • 040 - Wanting to Prepare to Win

    Hall of Fame basketball coach, Bobby Knight said that: “The

    key is not the will to win, everybody has that. The key is the will to prepare
    to win.”

    This quote is relevant to a discussion I had today with a

    client about the commitment of employees to the company’s and their personal
    growth. I argued that it depended on
    whether the employee had sufficient desire to achieve, which he disagreed
    with. As it turned out, we interpreted
    the subject of the desire differently, but we agreed that the motivation has to
    be there. Without the tension of
    unfulfilled desire, exceptional performance is unlikely to occur.

    Listen to today’s episode to learn the reasons why desire is

    essential to success and the various triggers that can catalyze desire to
    achieve. Learn how leadership can generate
    “mass desire” in the workforce, while inherently only a small percentage of the
    staff would self-drive for results.

    Feel free to tweet me your succession-related questions to:

    #asksuccessionsteve.

    Your Succession is Success!

    9 min
  • 039 - Do You Lead With Logic or Emotion

    It is a widely accepted tenet in sales that customers decide with emotion and justify with logic. The same thing may be happening in leadership. Let me explain.

    I met with a CEO today a very successful operator, who has been successfully growing and developing her business.  She has installed and redesigned processes replaced her leadership team, managed out poor performers and created detailed mid-term strategic and operating plans. 

    Results have improved dramatically, but to her consternation, the place is still not buzzing with energy. On the contrary, people are generally not excited to work for the company and a recent survey even showed a growing percentage of disengaged employees.

    We were discussing what she could do to inspire her troops. What could help the business attract ambitious associates that could propel the business to new heights going forward.

    Listen to this episode of Succession Secrets to learn what my hunch was about the situation, about the Logic-and-Emotion-Meter and how it can be used to assess and potentially fine-tune your leadership style.

    Please tweet me your succession-related question to #asksuccessionsteve, or send me a direct message through Facebook, Instagram or LinkedIn.

    Your Succession is Success!

    Visit Us: https://entrepcoaches.com/what-is-eos/

    6 min
  • 038 - Let Your Prospects Qualify

    Jeffrey Gitomer, renowned sales trainer said that “People don’t like to be sold, but they love to buy”.

    So how can you turn your selling process into a buying process?

    1. Make sure the product fits the customer
  • Make sure the customer is right for your business

    • Listen to this episode to learn how you can find out the answers to the above questions. 

    If you offer value to the customer, don’t be afraid to qualify them.  Let them prove it to you that they are good enough to benefit from your offer.  This strategy works especially well when you can create scarcity in your service.

    Question of the Day: What question would best qualify your customer?

    Your Succession is Success

    7 min

About Succession Secrets

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Daily bite-size life lessons and insights, from Succession Coach, Entrepreneur, former Investment Banker and Father of Four. Visit Us: https://entrepcoaches.com