Lillian Lincoln Lambert

So you are ready to leave your business and pursue some other interests. Over the last few months you seem to have lost your enthusiasm for the business. Coming to work seems to be more of a chore than actually doing the work. So what have you done to prepare for this day?

Many entrepreneurs start their business without the thought of someday wanting to exit it. As a startup, leaving the business is not foremost in the owner’s mind. While that may be the case, a plan for leaving should be high on the agenda. I advise my clients to think about a succession plan early in their business development, so when that time comes they don’t have to do last minute planning. An owner may have to leave the business for any number of reasons. The preferred way is by personal choice but that is not always the case. It could become necessary because of illness, death, a family issue or a myriad of others reasons. It can be done with peace of mind if a carefully developed succession plan has been completed. Thing about these things:
*Who is capable of taking over the business?
*Are there family members capable and interested?
*What role do you want to have after leaving the day to day operation?
*Is an employee stock option plan a possibility?
*Is selling part or all of the company something to consider?

These are just a few questions to consider in thinking about a succession plan.

Yesterday was a great day spent in the company of about 15 high school girls. I was invited to be the guest speaker for the Girls Empowerment Program of a summer camp.

I must admit, I was a bit intimidated when I first received the request. My thought was “How will I relate to a small group of teenage girls?” I need not have worried. These young ladies were attentive, respectful, interactive and anxious to learn. I shared with them my life story: how and where I grew up, mistakes I made, things I did well and not so well, how I dealt with challenges and overcame obstacles. They had questions and were not reluctant to ask them and to get involved in the discussion. Our discussion dealt with goal setting, decision making, self esteem and career planning. The overall theme of my message was based on this quote by Mark Caine, an author: “The first step toward success is taken when you refuse to be a captive of the environment in which you find yourself”. I left them with a list of my “Guiding Principles”, which were developed based on the experiences of my life.

At the end of the session the sponsor gave each young lady a copy of my memoir, “The Road to Someplace Better: From the Segregated South to Harvard Business School and Beyond”.  I signed the books and personalized each girl’s copy.

It was a very rewarding day.