Failing to plan is planning to fail
by Cat Minor
“Wow, are you sick?”
“That’s kind of morbid.”
…these are just some of the remarks I received from friends and family when I told them I was having my will and estate prepared. Like most parents, my biggest priority is my child. If something were to happen to my husband or me, whether we died or were incapacitated, who would take care of our son? The thought of having the state decide his placement mortified me and gave me clear incentive to plan and have our will and estate prepared!
While going through the will and estate planning process, I began to reflect on the ways we can prepare our professional lives for the unknown. Although there are many ways to prepare and plan for a successful business, succession planning came to the top of my mind. By identifying and developing internal people with the potential to fill key business leadership positions, you’ll be planning for the future growth and success of your company. If you haven’t given much thought to succession planning in your business, I encourage you to begin. This isn’t just for filling the void when people leave or retire, it’s also as a way to help people develop professionally. Believe me, if you present people with opportunities to grow and challenge themselves, they will be happier, more productive and more engaged in the success of your company.
In both our personal and professional lives, it’s always best to have a well laid out plan. Failing to plan is planning to fail!