The Future

At a recent presentation given by futurist, Morris Miselowski (Business man, dynamic speaker, entrepreneur, academic, prison chaplain, welfare counsellor, media personality and futurist guru), the audience was astounded by his vision for the future of technology and its effects on business. Most people around me expressed opinions which ranged from dismay and excitement through to some being totally shocked and aghast by the extreme innovation and change about to unfold.

During the presentation, Miselowski outlined just some of the changes that will occur in 2020:

• We will have moved forward 100 technological years
• Average job tenure will be 2.4 years
• 1/4 workers will be working remotely or virtually
• 60% of tasks and jobs performed have not yet been invented
• Our growing healthcare industry will service our ageing population as we strive for quality of life as we routinely live to 100 years of age and beyond
• Expect to see a growing number of Genetic Counsellors, Stem Cell Researches and Custom Implant Organ designers jobs being advertised
• Baby Boomers will be hiring retirement coaches and counsellor, financial advisors and wealth experts to advise them on how to maximise their post work lives.
• Digital professional will be another sought after industry due to online worlds.

Change or Die

Whatever the consensus or feelings, the message was very clear. Either move with the times and shift your business focus to be aligned with the new innovations or you and your business will be out of the race. With 20 years of change already squeezed into the past 2 years, Miselowski cautioned business owners to brace and prepare, for the next 10 years will unfold a whole century of change during that time. Now that’s enough change to surpass author Alvin Toffler’s predictions in the 1970 book titled “Future Shock”.

Future Shock

Whether your perspective to change, tends toward abhorrence or enthusiasm, there is no time to lose. Navigating your business through will require you to sharpen your business skills and optimise your business performance to capitalise through impending change. Couple this reality with surfing through the Tsunami wave of businesses about to change hands, there is no doubt there will be fall out.  Only those that team vision, with the ability to adapt will be in a position to capitalise. You are going to want a robust support team. Business Coaching with the end in mind will likely be one of the only ways you’ll achieve your goals.

Your Business Life Raft is Your Business Succession Support Team

You’ll want to demand an up-to-date succession plan. Necessity dictates your strategy to handle your eventual business exit must include provision for planned and unplanned exit circumstances. But it must also incorporate the array of strategies to unleash operational business opportunities and uncover pitfalls that could impact the lifeline of your business, it’s value and continuity. Ultimately it will affect your family and personal financial security.

Take Action today

Get started by Downloading your free chapters from the ”Your Business Succession” book.

Here’s to your successful future business exit strategy!

Leigh Riley

So if you’ve been signed onto my blogs recently, you’d be aware that I’ve been in the USA learning all that I can about the latest exit planning strategies at an MBA style intensive program run at the University of Chicago. I’m pleased to report that I passed the exam which means I’m now able to put more letters after my name as a qualified CEPA®, but the best bit was that I learned a lot, and I met a lot of great people too. I’ve also been indoctinated into the Institute of Exit Planners.

Surprisingly, there are not a lot of people in the world specialising in Succession Planning, and at the risk of sounding a bit precious, I’m kind of one of a very unique group in the world. In Australia, that group is especially unique and tiny, because there are only four Aussies with this qualification, and three of them were at the training with me. What does that mean for you? Well it’s something to be aware of when you seek out your succession support, because there may be some people posing as professionals in the area of succession planning, but if they aren’t formally qualified, you’d have to wonder how good their services and advice will be to you.

There is a lot to consider with your business exit plan, and the statistics are not good for Aussies, who have so often failed to plan for the important succession event that will inevitably happen in their business.

If you need to know what to do to get started, download some free chapters from my book: Your Business Succession and sign up for my regular blog to receive lots of helpful and handy business exit planning tips.

Here’s to your Profitable Exit Strategy!

Leigh Riley M Bus, Certified Exit Planning Advisor® (CEPA®), DFP, Cert IV A & WT
Consultant Business Succession Strategist, Author, Speaker, Trainer

Succession planning is really about developing your business for something better …

Why did you take the risk of going into business ? Was it simply to  provide yourself with a job?  I’m betting that your reason behind starting a business was to build yourself an asset that would one day provide you with a great lifestyle – a lifestyle that offers Something Better!  Am I right?

So in troubled times, when sales are dropping off, think not of lowering your prices.  This may attract more sales in the short term but the reduced profit margins also have the potential to reduce the value of your business.

If you want something better from your business in the future, you want to focus on staying steady and true to your business mission – to build something better!  Take notice of some valuable wisdom, that I quote from the great John Ruskin 1819 -1900:

“It is unwise to pay too much.  But it’s worse to pay too little. When you pay too much, you lose a little money, that’s all.  When you pay too little, you sometimes lose everything, because the thing you bought was incapable of doing the thing you bought it to do.

The common law of business balance prohibits paying a little and getting a lot.  It can’t be done.  If you deal with the lowest bidder, it is well to add something for the risk you run.  And if you do that, you will have enough to pay for something better.”

Something better – worth working for, worth planning for. How prepared is your business to generate something better for your future? Find out with a FREE online assessment with customized report emailed directly to you.

To Your Profitable Business Succession!
Leigh Riley

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