Succession is something that every business owner must plan for and yet it is understandably not a top priority for most of us. It fits into the “important but not urgent” category and is often crowded out by other things that are screaming for attention.

Here are three common mistakes I see business owners make in succession planning.

Procrastination

Procrastination is a coping strategy, and not a particularly effective one. We put things off to avoid negative emotions and stress associated with the thing we don’t want to do. Cramming for a test in school might get you through but it is not a winning strategy for succession planning. Mark Twain provided good advice when he said, “the secret to getting ahead is getting started.”

Not Communicating

Others can’t read our minds and when we don’t share what we are thinking with each other, we end up making assumptions and telling ourselves stories that are simply not based in reality. Talking, writing things down, and encouraging each other to ask questions are all good ways to get started.

Avoiding Emotional Preparation

Surveys consistently show that the majority of business owners regret exiting their business within 12 months, not for financial reasons but because their identity was closely tied to their work and position. When these disappear, they lack purpose and direction. Even though most of us are aware of this fact, we think it doesn’t apply to us. It almost certainly does. Dedicate some time to contemplate these issues and prepare yourself for the next phase of life.

Like any endeavor, success is never an accident. It is always the result of intention, effort, and execution—and so it goes with succession planning.

To make sure you and your organization are on track, download our Succession Readiness Checklist HERE.

Written by Leron Lehman​