Succession Planning EP: 8

The Accidental Millionaire

29-01-2021 • 33 min

Today’s episode is about succession planning. People with a more traditional career have an expectation that the day will come to retire. Both employer and employee understand (in theory) how that works.

When you own a generational business, you don’t retire. Succession planning is how Darren went from working for his dad, to being the boss, and now shifting ownership to the next generation.

There’s so much good info here!

Kimberley “interviews” Darren about how he planned to stop working full time and created his succession plan.

Key Insights:

  • How taking over from his dad worked out and what he’d do differently.

  • Why succession planning should be done and a couple of things to watch out for.

  • One of the things that made Kimberley nervous when Darren took a month away from the business.

  • The big aha when Darren realized it was time to sell his shares to his partners – who are family members.

  • Make decisions for yourself. Do what’s best for you instead of trying to figure out what other partners want or need.

  • Get the scoop on the absolute best time to begin succession planning. (This will surprise you!)

  • Ending a business is emotional too. Choosing how you want to step away is another big reason for succession planning.

  • Hear how Darren “eased” into retirement. (No way you’ll guess this one!)

Darren shares 5 key questions to help you create a plan. Identifying what’s meaningful to you moving forward will help business owners see other ways to contribute and even continue to earn and create wealth.

Questions? If you’re ready to begin planning your exit, or if you’re the one waiting for someone to move on reach out to Kim and Darren via email or on Instagram.



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