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A Death in the Family
Bob Ryan, About Purpose, Inc. ©2004
My Mom died on September 7. It was a very quick and painless death from leukemia. Surrounded by her four kids and her sister, she peacefully breathed her last. As we survivors reminisced, I couldn't help but draw some lessons from the experience that I want to share with you now. Mom never saw herself as a business consultant, but hopefully, her lessons will affect you and your business.
Mom was not a business owner. She had worked in retail for 25 years, so she had more than a passing acquaintance with business, but her experience was far broader. As I think back on her life, I can extract three business principles that I believe are crucial to business success. They are Preparation, Goal Awareness, and People Support.
The first is Preparation. Mom was prepared for many years to die - not in some morbid fashion - but she was realistic about death. In business terms, she had an exit strategy, a succession plan and a disaster procedure in place.
Exit Strategy: I have heard many business owners talk about wanting to exit in x years. Few will actually be prepared to do so without a formal exit strategy. My Mom had a living will. What is your version of that for your business? Be clear about when your exit will take place, under what circumstances, and the steps you are taking to get yourself and your business to that point.
Succession Plan: You need to be working NOW to groom someone to take your place. Even if it's for a temporary replacement like on a vacation (or in the case of a loved one dying) you need to know that all your affairs are in capable hands. Be explicit with that person about your plans and the direction you want the company to take. Make clear expectations and be sure that both the successor and the rest of your people know them.
Disaster Procedure: Mom was ready. When we went into her house we found all the bills current. We found all the documentation we needed to conduct her affairs. Names and phone numbers of the various professionals handling her finances were readily available along with account numbers, instructions, etc. Adequate insurance provided for cremation and burial. Are you ready if a disaster strikes? Do you have complete information in a safe place? Are you covered, not just for replacement of brick and mortar, but for loss of business? Here's a test. Sit down with your "second-in-command" and have him/her tell you exactly what steps would be taken over the next two weeks to a month in the case of various disasters.
Goal Awareness: Mom had a clear sense of where she was going and what was important in her life. In this busy world, too few of us take time to really think about the important things. What's really crucial for you in your life? Even if the answer is "money," it is still worth identifying it clearly. Where do you want to go? (In our TAB Boards, we say, "What do you want to be when you grow up?") Who and what do you need to get you there? Your answer should be both in personal and corporate terms. I ask the following questions to all my clients: "Do you have a recently updated strategic plan? Are you managing to that plan?"
People Support: The last days of Mom's life - and the weeks afterward - I was absolutely convinced of the importance of having the right people around. While my siblings and I rarely spend much time together, we united and rallied around Mom. I would be hard-pressed to identify a better "transition team" than my brother and sisters and aunt. What struck me was our clear adherence to Mom's goals and wishes. I see this every month in The Alternative Board meetings as business owners enter into genuine caring for each other and our respective businesses. We support each other's goals and line up whatever resources we can muster to help each other accomplish them.
A death in the family is never easy. But Mom's death taught me a lot of positive things. One of the marks of maturity is the ability to learn from others. What are you going to do as a result of reading this article? Please write me and let me hear what Mom's Consulting Service has done for you and your business.