When we reframe our understanding of risk to anticipate the unknown and the unexpected, we open ourselves up to asking more open-minded questions that ultimately, help us overcome our bias for safety. We move away from entrenched modalities and begin thinking like a start-up.

While both Yellowstone and Succession showcase a variety of exaggerated conflicts rooted in drama, they do an incredible job of capturing the power of family dynamics and headlong emotions. We see animosity, resentment, avoidance and tensions between siblings and generations, all reflections of reality we can learn from.

Experts emphasize the importance of living a “heart-heathy” lifestyle – regular exercise, good diet and stress-management practices – to reduce our risk of heart disease. The same basic idea applies to a business. One of the three ways to increase the value or “health” of a company is to reduce risk. This just so happens to come with the added benefit of reducing business owner stress in the long run.

Whether you’re a diehard fan of new year’s resolutions or you’d prefer to ditch the resolutions in favor of something less rigid, there is something to be said about the power of strategic planning, specifically the act of setting goals, at the beginning of a new year. Much like wayfinding, goals are the signposts helping us navigate through uncharted or difficult territory. They’re how we can step back and take stock of our progress and determine what remains to be done.

Ready for Next contributor, Julie Keyes, CEPA, has published the second edition of Poised for Exit - A Woman Entrepreneur’s Guide to Business Transition. The materials and resources have been updated to help owners even more.

Learn more about Poised for Exit with this article.

Pick any team sport and there are specific skills needed to be victorious and have positive outcomes. The same is true for any large endeavor.
Transitioning from business ownership is likely one of the largest decisions and processes you will undertake. It is important to have a team around you advocating and supporting you through the experience.

Successfully transitioning a family businesses have dismal statistics. Succession planning in families has built-in complications and yet ongoing legacy depends on it.

Timing is everything and four other tips for growing your business.

“It is a wise father that knows his own child.”

William Shakespeare, Merchant of Venice

Unlike favourite sweatshirts, which should be treasured, favourite conclusions should be viewed with suspicion.

Cindy Reid-Shelton appeared on Poised for Exit with Julie Keyes to talk about the importance of contingency planning for businesses.

Lack of proper succession planning is primarily to blame for 70% of family businesses failing to transition between first- and second-generation owners.

90% of all businesses in the United States are family held. Succession planning within the family can add additional elements and legacy can have an additional level of importance.