Business Education

Entrepreneurs, Let’s Talk Frankly About the Dreaded “S” Word

There are many experiences entrepreneurs will thoroughly enjoy building up a business, but there are also circumstances they anxiously dread. The proverbial roller coaster ride of running a business is something that delivers a plethora of challenges and rewards alike. Still, for all the difficulties, most individuals learn to adapt and successfully transform problems into solutions by making them valuable learning lessons.

Although nearly half of all new businesses fail within the first 3 to 5 years, others cannot only persevere but profit and gain an impressive track record that even exceeds their expectations. Some entrepreneurs find themselves far more successful than hoped and enjoy long and fulfilling careers.

However, nothing lasts forever and this inevitability can be a very frightening reality for those who are unprepared. These individuals face a very stark set of circumstances, having to come to grips with the fact they cannot run the company forever because every entrepreneur must take on the unenviable challenge of handing the company over. Whether they want to utter the word aloud or not, all business owners must deal with the dreaded “S” word: succession.

Business Succession Planning Shouldn’t be So Scary

You went into business for yourself and now, it’s thriving. Earnings are up, costs are down, and you’ve got a great team around you, even better, very happy customers. At this point, it feels like everything has finally come together. You made it through the trials and tribulations, and now, you’re feeling financially secure. The future looks right, but then you realize your business won’t always be yours. Maybe you’re lucky enough to have trusted family step up and take your place. But, even family businesses aren’t immune from incompetent or lazy people who you just cannot trust to take the reins.

This means crafting a clear and actionable succession plan. Creating a succession plan is crucial for business owners, yet many are apprehensive about actually doing it. So, let’s talk about why it’s important and better yet, how to overcome that hesitation.

The Importance of Succession Planning

A succession plan is vital for business owners as it guarantees a smooth transfer of leadership and ownership when key figures retire, leave, or pass away. It helps maintain operations without major disruptions, preserves the company’s value, and secures its long-term legacy and stability during transitional periods. Here are the reasons why having a plan in place is critical.

First of all, a succession plan greatly aids business continuity. It ensures the company can continue operating smoothly in case of unexpected events like illness, death, or retirement of key leaders. Secondly, a succession plan helps to preserve value. A well-planned transition maintains the business’s value and reputation, protecting stakeholders’ interests. Third, it reduces uncertainty because it provides clarity for employees, clients, and partners about the company’s future direction.

Additionally, a meaningful succession plan facilitates strategic planning by encouraging long-term thinking about the company’s goals and leadership needs. What’s more, having a well-thought-out succession plan minimizes conflicts. This is due to the fact that clearly defined succession plans can prevent disputes among potential successors or family members.

7 Effective Ways to Overcome Your Apprehension

As you know, running a business isn’t just about managing employees or keeping customers happy. Often, the challenges are more personal. Many business owners find themselves sacrificing valuable family time, personal hobbies, and social activities in order to grow and sustain their company.

One of the most feared challenges is handing the company over to another person to run it. This can easily lead to unnecessary and perhaps damage-inducing procrastination. While apprehension about such scenarios is natural, it’s important to take control and get over your fear by taking the following steps:

Start early. Begin planning well before you intend to step down. This removes immediate pressure and allows time for careful consideration.
Break it down. Tackle the process in smaller steps rather than trying to create a comprehensive plan all at once.
Seek professional advice. Consult with lawyers, accountants, and business advisors who can guide you through the process and address specific concerns. An experienced business coach is an invaluable resource in these situations.
Involve key stakeholders. Engage trusted employees, family members, or partners in discussions to gain different perspectives and build support.
Focus on opportunities. View succession planning as a chance to secure your legacy and ensure the business thrives beyond your tenure. Also, educate yourself. Learn about successful succession stories in your industry to gain insights and inspiration.
Consider multiple scenarios. Develop plans for various situations (e.g., planned retirement, unexpected illness) to feel more prepared for different outcomes.
Regularly review and update. Treat the succession plan as a living document that evolves with your business, reducing the pressure to create a “perfect” plan immediately. (Be sure to periodically review and update your plan as needed so it accurately reflects the current situation and is viable for near-future use.)

By taking steps to overcome apprehension, business owners can better secure their company’s future and their legacy. Although doing so may create anxiety and uncover some unpleasant realities, this is absolutely necessary to maintain the health and integrity of the company.

Want to Accomplish More?

Do you want your company to grow faster and earn more while you spend more time with your family doing all the things you started your business to do?

We can make that dream a reality. Give us 30 minutes and we will show you how to get your life back. Skeptical? Good! Put us to the test.

You can call us for your free appointment at 480-636-1720, or, if you prefer, send us an email. You can also visit us at Waters Business Consulting Group to learn more about us and the services we offer.

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When You Bring Your Child to Work, Teach these Lessons

July 22, 2021 No Comments

If you’re hoping to eventually hand your business down to your kids, teaching them the numbers is only half the job. The other half, how you treat employees, vendors, and even competitors, is just as important, and it’s the part too many owners overlook. Here are three lessons worth teaching the next time your child tags along to work.

How Kitchens by Good Guys Broke Through the $1 Million Barrier

September 8, 2026 No Comments

Shannon Carfield and Dean Eckonrode started Kitchens by Good Guys the way a lot of contractors do: one small job led to a referral, which led to another job, and eventually a business grew up around them almost by accident. It worked, but it also stalled. Years in, revenue had plateaued below the $1 million mark, and the couple knew that reacting project-by-project wasn’t going to get them any further. “Like many business owners, we wanted to work less, earn more, and be in a position where we could take some time off,” said Shannon Carfield, Owner. “Our challenges were wanting to grow to the next level and needing a plan to do that. We also knew we needed some expert advice to help us get there and that’s why we reached out to John in 2016. We’ve been with him ever since.” Growth Without a Plan Has a Ceiling Like many home improvement businesses, Kitchens by Good Guys had built its reputation on word of mouth and solid craftsmanship — but not on a strategic plan. Without a roadmap for predictable growth, the company’s revenue and cash flow moved unpredictably from month to month. Margins were also under pressure: Shannon and Dean were still taking on a mix of smaller, lower-value jobs that ate into the time and capacity they needed for higher-margin kitchen remodels. On top of that, they were trying to find and hire the kind of high-caliber talent that would let them step back from day-to-day work, without the infrastructure in place to support a bigger team. Building the Infrastructure to Scale Waters Business Consulting Group’s engagement with Good Guys Remodeling started with the fundamentals: a financial forecast model built around the company’s real numbers and real goals. From there, John Waters and the team worked with Shannon and Dean to build a formal Strategic Growth Plan that identified exactly what resources — people, systems, processes — the business would need to scale. Rather than chasing every lead that came in, the team segmented the company’s existing contact database so outreach could focus where it mattered most: large referral partners, strategic partners, and direct consumer sales. An organizational chart came next, prioritizing which roles to hire first and clarifying who owned what operationally, so Shannon and Dean weren’t the default answer to every question. To keep everyone accountable to the plan, the team also developed key performance metrics that were tracked weekly and monthly against top-line revenue goals. Breaking Through — and Staying There The shift wasn’t just financial; it was about the systems underneath the numbers. With clearer processes and procedures in place, Kitchens by Good Guys tied key performance indicators directly to employee compensation, creating real accountability instead of vague expectations. Lead flow became more consistent, giving the business a more predictable pipeline and more reliable revenue. And with key talent added alongside those new processes, Shannon and Dean were able to start stepping out of daily operations and into the roles they’d actually wanted all along: focusing on strengths, working on the business rather than just in it. The results speak for themselves. Waters Business Consulting Group worked with Good Guys Remodeling for more than three years, helping the company break through the $1,000,000 revenue barrier in 2017 — putting them in the roughly 7% of U.S. businesses that ever hit that mark. By 2020, the company was on pace to break $2 million. Along the way, the mix of work shifted too, with more dramatic growth in higher-margin kitchen remodeling opportunities and a steady phase-out of the lower-margin projects that had once filled the schedule. Ready to Build Your Own Growth Plan? Every business that plateaus has a path forward — it just takes the right plan, the right accountability, and someone who has done it before. If your company has hit a growth ceiling, or you’re ready to start working on your business instead of just in it, a conversation is the first step. Contact Waters Business Consulting Group to schedule your free consultation.

Economists Call It Induced Demand, Entrepreneurs Refer to It as a Learning Curve – But the Lesson is the Same

August 28, 2024 No Comments

Decades ago, California widened its highways to ease traffic—and ended up with worse congestion than before. Economists call this induced demand, but entrepreneurs will recognize the same trap: growth strategies that look logical on paper can backfire without real-world testing. Here’s how to experiment carefully before fully committing so your business doesn’t end up stuck in its own version of gridlock.

Entrepreneurs, Let’s Talk Frankly About the Dreaded “S” Word

Business Succession Planning Shouldn’t be So Scary

The Importance of Succession Planning

7 Effective Ways to Overcome Your Apprehension

Want to Accomplish More?

Like this article?

Related Posts

When You Bring Your Child to Work, Teach these Lessons

How Kitchens by Good Guys Broke Through the $1 Million Barrier

Economists Call It Induced Demand, Entrepreneurs Refer to It as a Learning Curve – But the Lesson is the Same

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