Estate Planning and Business Succession Planning – Two Keys to Success
“The miracle isn't that I finished. The miracle is that I had the courage to start.”― John Bingham, No Need for Speed: A Beginner's Guide to the Joy of RunningI like to run. I do not run well. In fact, it may even be a stretch to refer to what I do as running. Maybe “lumbering” would be a better description. But, I put on running shoes and running clothes and I have been permitted to register for races – so for lack of a better term we can call it running. With running I have noticed two distinct challenges. The first challenge occurs when my alarm goes off. I am not a professional runner, so no one pays me for my performance. As a result a real job is necessary. This means I need to be up EARLY to get a run in before going to the job that pays for my running shoes, clothes and race entry fees. I am not a natural morning person, so getting up early is not an automatic. Despite how groggy and tired I feel, it is amazing how quick my mind is at these early hours in coming up with legitimate reasons not to run. The supply is truly endless and seemingly valid. Assuming I have overcome the hurdle of getting out of bed, I am pretty good about getting out on the road and that is when the next big hurdle comes. Not too long after I begin my run and certainly before the conclusion of the first mile I am sure I cannot run a single additional step. No way! My body cannot take it. My legs weigh at least 1000 lbs. each. The bear has crawled up on my back and he is going to stop me in my tracks. I HAVE TO STOP!Now, I am not good enough to run an ultra-marathon or anything of the sort. But, I have run a half-marathon and other significant distances. So I know I can make it beyond one mile. The amazing thing I have found is that if I can keep pushing through that initial phase, the run gets easier. In fact it is not unusual for my later miles to be at a faster pace than my first mile. It doesn’t make sense, but it is absolutely true. So, you may be asking, what does this have to do with estate planning or business succession planning? The answer is everything. I have noticed time and again that there are two big hurdles to overcome. First, is just getting started. It is hard to make that first appointment with your estate planning advisor. The next big hurdle comes when you first look at what needs to be done and begin to feel that the project is just too much. You can never get it all done so why keep going. If you can just push through that early stage of being overwhelmed and trust that your trusted advisor can help you overcome the obstacles, you will be able to complete your estate plan or business succession plan. But, it requires two important actions: (1) you have to start, and (2) you have to persevere in the face of adversity.So make that appointment today and commit to seeing the process through. It is the only way any worthwhile goal is accomplished!