https://rickbaker.ca/category/succession/ Rick Baker's Thought Posts — plain-spoken writing on leadership, business values, communication, habits, and the people side of building a business. Publishing since 2008. en-ca https://rickbaker.ca/post/2-types-of-people-succeed-in-business-1-those-who-naturally-get-it-and-2-those-who-observe-well-learn/https://rickbaker.ca/post/2-types-of-people-succeed-in-business-1-those-who-naturally-get-it-and-2-those-who-observe-well-learn/Tue, 23 Jun 2020 07:55:00 -0500The Thinking Behind The Tweet There are only 2 types of people who experience meaningful success in business: Those few, the intuitive, who somehow naturally… https://rickbaker.ca/post/crossing-the-transition-line-in-a-close-knit-group/https://rickbaker.ca/post/crossing-the-transition-line-in-a-close-knit-group/Mon, 27 Mar 2017 07:13:00 -0500I found myself comparing business success to sports success. I concluded it would definitely fall in the zone of some sort of endurance competition…an… https://rickbaker.ca/post/taking-another-swot-at-strategic-planning/https://rickbaker.ca/post/taking-another-swot-at-strategic-planning/Mon, 06 Jul 2015 07:06:00 -0500...creating simple tools to help expand the use of SWOT . For example, the following simple table helps focus thinking and discussion on S & W & O & T while… https://rickbaker.ca/post/why-put-off-to-tomorrow-what-you-can-put-off-to-someday/https://rickbaker.ca/post/why-put-off-to-tomorrow-what-you-can-put-off-to-someday/Wed, 04 Mar 2015 08:36:00 -0500On the other hand... 1. Planned exits bring more money 2. It’s best to sell when buyers want to buy 3. It’s best to deal 1-on-1 at the ‘C-level’ 4. Creative… https://rickbaker.ca/post/on-mentoring/https://rickbaker.ca/post/on-mentoring/Wed, 21 Jan 2015 20:28:00 -0500When a mentor is mentoring an employee the mentor uses criticism most sparingly if at all. In addition, the mentor refrains from sharing those criticisms… https://rickbaker.ca/post/nurture-and-develop-a-successor-for-your-business-mentor-this-person-partner-with-this-person/https://rickbaker.ca/post/nurture-and-develop-a-successor-for-your-business-mentor-this-person-partner-with-this-person/Wed, 06 Aug 2014 14:06:00 -0500The Thinking Behind The Tweet Make sure this person knows he or she is your most-trusted business ally. Make sure this person wants to be in that role. Do… https://rickbaker.ca/post/selling-your-business/https://rickbaker.ca/post/selling-your-business/Wed, 04 Dec 2013 09:06:00 -0500There are many different ways to structure arrangements tied to succession planning and selling ownership shares. When selling ownership shares as part of… https://rickbaker.ca/post/driving-business-value/https://rickbaker.ca/post/driving-business-value/Mon, 02 Dec 2013 08:55:00 -0500A business owner drives business value by understanding self and understanding others, exercising self-control and influencing others to do the same… https://rickbaker.ca/post/some-day-you-and-your-business-will-part-company/https://rickbaker.ca/post/some-day-you-and-your-business-will-part-company/Fri, 29 Nov 2013 08:38:00 -0500Some day you and your business will part company. Based on our Spirited Leaders’ experience, it appears about 2/3 of small-business owners do not realize… https://rickbaker.ca/post/you-are-in-business-to-generate-money/https://rickbaker.ca/post/you-are-in-business-to-generate-money/Thu, 28 Nov 2013 08:49:00 -0500Yes – there are many other reasons why you are driven to be in business. Regardless, you are in business to generate money. You have set a plan for your… https://rickbaker.ca/post/setting-succession-plan-objectives-covering-future-money-needs/https://rickbaker.ca/post/setting-succession-plan-objectives-covering-future-money-needs/Wed, 27 Nov 2013 08:41:00 -0500Covering personal-money needs: that’s an iterative process. Do not expect perfection and do not waste time on details. In reality, none of us can forecast… https://rickbaker.ca/post/succession-planning-allying-for-success/https://rickbaker.ca/post/succession-planning-allying-for-success/Mon, 25 Nov 2013 08:30:00 -0500Regardless of what you are trying to build in your business, you will need the effort and results of other people. If you mention that to business people… https://rickbaker.ca/post/thought-tweet-8655/https://rickbaker.ca/post/thought-tweet-8655/Fri, 08 Nov 2013 11:15:00 -0500Thought Tweet #865.5 Some people view succession planning as the last big step rather than a design/build process. The Thinking Behind The Tweet Succession… https://rickbaker.ca/post/thought-tweet-829/https://rickbaker.ca/post/thought-tweet-829/Thu, 19 Sep 2013 08:35:00 -0500Thought Tweet #829 Nurture and develop a successor for your business. Mentor this person. Partner with this person. The Thinking Behind The Tweet Make sure… https://rickbaker.ca/post/thought-tweet-828/https://rickbaker.ca/post/thought-tweet-828/Wed, 18 Sep 2013 08:32:00 -0500Thought Tweet #828 Failure to spend up-front time building a succession plan that incorporates other people ensures two problems. The Thinking Behind The… https://rickbaker.ca/post/when-should-i-delegate-work-to-other-people/https://rickbaker.ca/post/when-should-i-delegate-work-to-other-people/Fri, 23 Aug 2013 09:24:00 -0500When you reach a point in your business where you are juggling too many balls and you begin to drop them. When you want to free yourself of work in areas… https://rickbaker.ca/post/thought-tweet-7845/https://rickbaker.ca/post/thought-tweet-7845/Thu, 18 Jul 2013 11:48:00 -0500Thought Tweet #784.5 Two differences between Coaches and Mentors : Mentors have done it & Mentors introduce you to the right people. The Thinking Behind The… https://rickbaker.ca/post/when-should-business-leaders-seek-outside-help/https://rickbaker.ca/post/when-should-business-leaders-seek-outside-help/Thu, 24 Jan 2013 08:00:00 -0500When should business leaders seek "outside help"? When I use the words "outside help" I mean help from mentors, coaches, consultants, etc. Business leaders… https://rickbaker.ca/post/your-retirement-and-your-stakeholders/https://rickbaker.ca/post/your-retirement-and-your-stakeholders/Tue, 01 May 2012 07:00:00 -0500According to a recent poll 1 of small-business owners, 24% have a succession plan for their retirement. When asked about how the business would be handled at… https://rickbaker.ca/post/tom-deans-visits-our-centre-for-family-business-cffb/https://rickbaker.ca/post/tom-deans-visits-our-centre-for-family-business-cffb/Thu, 05 Apr 2012 07:00:00 -0500" To Gift or Not To Gift ", that was the question...at CFFB' s March breakfast. At our breakfast event, Tom Deans explained why gifting a family business is… https://rickbaker.ca/post/family-business-success-story-menno-s-martin/https://rickbaker.ca/post/family-business-success-story-menno-s-martin/Thu, 29 Mar 2012 07:00:00 -0500As soon as you enter the offices of Menno S. Martin Contractor Limited, you will notice it is a comfortable place. That was my first impression, the first… https://rickbaker.ca/post/family-business-success-story-flanagan-foodservice-inc/https://rickbaker.ca/post/family-business-success-story-flanagan-foodservice-inc/Thu, 15 Mar 2012 07:00:00 -0500Flanagan Foodservice Inc. is another local family business success story. The members of our Centre For Family Business, CFFB , got to learn some of the… https://rickbaker.ca/post/mentoring/https://rickbaker.ca/post/mentoring/Tue, 10 Jan 2012 07:00:00 -0500The best of mentoring happens 'naturally' when an eager-to-learn business person 'connects' with a more-experienced business person who is eager to teach… https://rickbaker.ca/post/robin-todd-visits-our-centre-for-family-business-cffb-confessions-of-a-bad-boss/https://rickbaker.ca/post/robin-todd-visits-our-centre-for-family-business-cffb-confessions-of-a-bad-boss/Tue, 15 Nov 2011 05:30:00 -0500Robin Todd, President/CEO of Marks Supply Inc., was the special-guest speaker at CFFB’s October breakfast. Robin shared her family-business story and she… https://rickbaker.ca/post/david-wood-visits-our-centre-for-family-business/https://rickbaker.ca/post/david-wood-visits-our-centre-for-family-business/Wed, 11 May 2011 05:30:00 -0500David Wood spoke at CFFB’s April 29th breakfast…telling his family’s 3-generation business story and providing education and recommendations about strategic… https://rickbaker.ca/post/family-business-success-story-pioneer-craftsmen/https://rickbaker.ca/post/family-business-success-story-pioneer-craftsmen/Thu, 24 Feb 2011 05:30:00 -0500Two separate paths came together. One path started at a farm near the Pioneer Tower, by our Grand River. The other path started in England…then crossed the… https://rickbaker.ca/post/family-business-success-story-wright-landscape-services/https://rickbaker.ca/post/family-business-success-story-wright-landscape-services/Thu, 28 Oct 2010 05:30:00 -0500When you sink that absolutely amazing putt at the Conestoga Golf Course do you think of the Wright family? Well, if I ever manage to sink a long putt then I… https://rickbaker.ca/post/business-premises-statements-the-starting-point-for-strategic-planning/https://rickbaker.ca/post/business-premises-statements-the-starting-point-for-strategic-planning/Thu, 22 Jul 2010 05:30:00 -0500The disciplines of mathematics taught us ‘first principles’. Like first principles, statements of business premises provide a grounded starting point for… https://rickbaker.ca/post/7-powerful-answers-3/https://rickbaker.ca/post/7-powerful-answers-3/Tue, 29 Dec 2009 05:30:00 -0500This is blog #3 in an 8-blog series about Powerful Answers to 7 important business questions. The series is intended to be an introduction to strategic…