Approach to Aging

Cathy Lindemann, Founder/CEO of Evolution Creative Solutions

Three things to consider to help your company age gracefully

Nutrition, exercise, skin care, brain work and social networking are all areas of life we monitor to age healthfully. What factors are you paying attention to as your business ages? If your business is part of your retirement plan, then you should understand how the decisions you make today add to or take away from the value you will need tomorrow.  

My challenge for you this month is to consider how you expect your business to survive without you and begin to develop a plan with that end in mind. Here are three things to consider as you look ahead in the life cycle of your business. 

“As you consider your company’s growth, remember that it is aging. What one step can you take today to help your business age gracefully?” - Cathy Lindemann

What age is your business now? Your business may still be in its infancy or maybe it has matured some. Consider the time your business has been in development and consider how much longer you plan to work. The closer you are to the end of your career the more urgent it is for you to prepare and execute a plan for sustainability. Whether you sell your business or retire, what efforts are you making to create a sustainable business that will thrive without you? 

What processes are in place to help with business sustainability? When you are no longer working your business, are there others who can step in to manage the work? Creating process manuals, training other staff members, and bringing in partners are all successful methods to distribute the work so that the business will continue to run without you. 

Is your company ready for you to retire? Many business owners leave their companies with regret because they didn’t prepare well for their departure.

My business coach Dr. Rea Waldon, President and CEO of the KDDK Legacy Group LLC,  has helped me to increase my readiness to sell my company through The Value Builder System. You can take the Freedom Score test here and learn how ready you are to leave your business. Even if you are just starting out, the questionnaire provides insights to build a more successful business.

Remember that as you age, so does your business. Plan your exit strategy now so that whether you sell or retire your business has sound strategies for growth in place. 

Do you have a succession plan in place, or is this a new way of thinking about how and why to grow your business? Tell us in the comments below!  

Book a one-hour business coaching session with Cathy here.

Cathy Lindemann is President of Evolution Creative Solutions and on the Steering Committee for WBENC Ohio River Valley and Founding Member of WISe Wellness Guild. Cathy specializes in helping small businesses become "unstuck" for immediate growth and supporting strategic growth through WISe partnerships. Follow Cathy on Instagram @lindemanncathy, or connect with Cathy on LinkedIn at linkedin.com/in/cathylindemann.

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