9
O P I N I O N
Honestly, be honest
If you develop a reputation for being less than forthcoming, you could derail a critical ownership transition – and even destroy your firm.
U pper management has to walk a fine line between communicating effectively, guarding sensitive information, and telling the truth. And as we all know, the truth these days is an elusive thing in our society, as we have been inundated with alternative facts, fake news, mistruths, and retracted statements. It’s really hard to tell what’s even real anymore. But we cannot let the confusion of the outside world infiltrate our AEC firms.
Will Swearingen
As managers and owners existing in our own ecosystems, we can control how we are perceived and how information is received in our organizations. And in the event of an ownership transition, this cannot be overstated. Times are difficult enough when you are asking someone to purchase the mountain of value you (and they) have created over years of running a successful business. So, when you are dealing with the ever-complex environment of transition, being trustworthy and open from the beginning can truly improve your chances of executing the plan. We often see internal transitions “fail” when owners wait until it’s too late, or don’t prepare the next generation for leadership. We also see them fail when communication has been botched from the beginning. The owners could be making the right choices at the right time, preparing the next
generation of staff, and allocating funds properly, and still handcuff themselves by misstatements. Making promises or extending “soft” offers years before you actually take any dedicated action can also backfire in a big way. “When you are dealing with the ever- complex environment of transition, being trustworthy and open from the beginning can truly improve your chances of executing the plan.” Address transition planning with great care and be intentional about your communication. Planning should begin a decade before you actually see
See WILL SWEARINGEN, page 10
THE ZWEIG LETTER April 8, 2019, ISSUE 1291
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