Preparing for Change Excerpts from: Becoming a Wealth Transfer Specialist Learn More

As human beings, we all resist change to some degree. It's perfectly natural to want things to stay as they are-it's comfortable. Business owners are human too! And the level of change required is considerable.

Generally speaking, the entrepreneur becomes successful in the first place due to a set of skills non-entrepreneurial types simply don't possess. We discussed some of these earlier - patience, hard work, a desire for independence, a tolerance for risk-taking, need to be in control, etc. These qualities are absolutely indispensable when it come to building a business from scratch. Without all or most of these attributes, success is very unlikely.

Unfortunately, these very same attributes often work against the long-term planning for the future of the business. Long-term planning means taking less risk, sharing power, less independence-things that often are an anathema to the business owner.

One successful dairyman I know has two boys in the business, but neither had ever been able to make management decisions because the father always wanted to control all the day-to-day operations. After I interviewed all the family members and facilitated a family meeting, everyone came to the conclusion that delegation of various duties and responsibilities was important and had to happen soon. The family decided to look at how they might improve their business operation and determine when, what and how the various operations should be conducted.

As a result of this planning, the boys have taken over the day-to-day operation of the business without their father's constant overview. This solution helps the business operate smoothly and permits the father to invest more of his time in long-range planning, other business interests and travel. In the past, due to confusion about roles and responsibilities, family members were never sure when they could take time off, away from the business. As a result of the planning, family members now can easily determine time off and can mark it on the business calendar. This simple step has increased the quality of everyone's personal family life.

The sons also agreed to buy out the parent's interest in the dairy so that the other non-business family members could eventually receive their inheritance in the form of cash and notes receivable.

The results of these changes are that the family relationships have improved dramatically and business profits have increased. The quality of everyone's family life is enhanced. The parents are now pursuing activities that interest them, and the business is thriving.

So the message is clear to the entrepreneur. Prepare yourself for change. Commit to it! Embrace it! However unnatural it feels, for the long-term good of your family and your business, take the leap! The result will be worthwhile.

In order to make the changes required for effective long-term planning, it is essential that you find a way to move beyond some of your natural instincts and commit yourself to accepting less power and control over your business. All the power does not have to shift immediately, but the commitment has to be there from the start.

This is a good time to do a little soul-searching. Ask yourself candidly if you can do it. When the time comes, can you bring yourself to let go of some of the power and control you've enjoyed over the years of building the business? Can you begin to share business responsibilities you've traditionally reserved for yourself? Are you ready to help develop the next generation of business leadership? Can you separate yourself from your preconceived notions and existing biases when it comes to selecting the new leader or leaders? For the good of the family and the business, can you do it?

The answer to these questions requires that you find an inner peace and strength that you may not now possess. Draw on your belief system. Do you find strength in your religion or spirituality? If you do, go there. Do you have a personal philosophy that guides you through life's challenges? If so, go there. If you have been too busy to cultivate a philosophy or belief system, now's a great time to do so. Investigate resources like religion, Eastern philosophies, or self-help approaches like rational thinking. Books on all these subjects are plentiful. They are as close as your public library or amazon.com. Find a way to resolve within yourself the tensions that might get in the way of your doing the right thing for your family and business.