My younger clients – those successful multi-unit independent operators in their 30s, 40s, and 50s – very excitedly commit to building their net worth by developing their concepts, brands, people, and operational capabilities.
But my clients in their 60s and 70s? They’ve been there, done that. Now, they want to take advantage of their success by turning over the reins, stepping back, working when they want to (on what they want to), reducing their roles, or retiring in place.
And a few of my most enlightened clients in their 40s and 50s are in both categories at once!
What Do They All Have in Common?
Two things connect these groups.
1. They construct outstanding senior management teams.
Initially having a hard time letting go turns out to be common among those who believe their success will always be a by-product of their own smarts, hard work, and discipline.
But when they realize that helicopter parents don’t create independent children, they start to let trusted people make decisions and take responsibility.
2. They have the self-awareness to identify times when they don’t follow their own advice.
“I want to turn over responsibility” sounds like a great credo – but not, as above, if you’re piloting a helicopter. “I want to retire in place or just work on my favorite things,” or “I want to spend more time with my kids, grandkids, vacation home, whatever,” is another strong statement.
Putting in the Work to Get There
To get to that point, however, you must prioritize creating systems and accountability that allow your groups to achieve the greatest results in the history of your business.
I coach and advise these operators on how to pursue the paths we identify as the most appropriate, nurturing, and supportive for how they want to live their lives.
When my clients follow those paths, they have seen a lot of success, like my client who is currently modernizing their company and transitioning from the third generation of owners to the fourth, and like one successful operator who promoted himself from President to CEO so he could work at his place of highest use. We perfect these arrangements in real time.
Still, I have more than one client who at first “does not have time” to do what has to be done to create more discretionary time.
Not thrilled with your senior management? Finding it hard to truly let go? If so, then you’re suffering from a very common disease. Maybe you already know how to cure it but, if you don’t, you need the right coaching and advice.
With it, the healing will happen, and you’ll be able to live the life you aspire to.
