Ah, New Year’s resolutions – a love-hate relationship for many. We’ve all set them at some point, only to fall short soon after.
According to a Forbes study, a staggering 23% abandon their resolutions by the end of the first week, 88% by the end of the second week, and only 1% stick with them for the entire year. Unbelievable! I personally prefer to hit the reset button in September, and it works wonders for me. But I understand the New Year, clean slate idea. I understand the challenges and excuses that come up throughout the year. Whether it’s work being too busy, a wedding in the summer, or simply finding a time that works for everyone, I’ve heard it all. There are countless reasons to postpone or delay your succession planning talks. Life is busy, and there never seems to be enough time. The New year may be your perfect time to reset.
But 2025 is going to be different right?
Only if you prioritize these conversations and make the time to plan for the future of your family business. If you want to overcome the obstacles and ensure a smooth transition for generations to come you need to set goals not resolutions.
What is the difference you ask? Resolutions are more like ideas that may or may not be attainable or realistic. Goals on the other hand are more focused on reality. However, some goals are just ideas as well unless they are SMART
SMART goals are:
Specific
Measurable
Attainable
Realistic
Timely
Ask yourself every time you set a goal or resolution is it SMART? If you can answer yes to each element, then you will defy the odds that the Forbes study revealed.
SMART goals will not be enough to get the ball rolling on your family succession planning. You will still a process to roll out and keep the family accountable and focused. You may need to bring in a family business advisor to help,
Make 2025 the year you take action and secure the legacy of your family business.
As you step into the New Year, commit to making 2025 different. Prioritize these crucial conversations and set SMART goals that will guide you and your family through the succession planning process. By doing so, you can ensure a smooth transition and a bright future for your family and family business.
Remember, the key to success lies in taking action and staying committed.
Let’s work together to overcome the obstacles and make 2025 a year of progress and achievement for your family business.
Cheers to 2025!
Tammy