Counselor’s Corner Quick Hits: Top 5 Succession Planning Slip-Ups (And the Quick Fixes)
4. Emotional Choices Slip-Up: Heart over head decisions. Quick Fix: Objective advisors. They help keep your biases in check. 5. Tax Amnesia Slip-Up: Forgetting the tax bite can hurt.
Let’s dive into the no-nonsense, straight-talk guide to avoiding all-too-common succession planning pitfalls, because my fellow entrepreneurs are the WORST at getting their planning done! Short, sweet, and to the point: 1. Procrastination Slip-Up: Waiting for the “right time”? Spoiler: It’s now.
Quick Fix: Get started. The sooner, the better.
Quick Fix: Get a tax guru early. Plan smart, save big.
2. Vague Plans Slip-Up: A plan in your head isn’t a plan.
There you have it. Straightforward strategies to nail your succession planning without the drama. Need a hand? I have a great book that I wrote on business succession planning that I’m happy
Quick Fix: Document everything. Who’s in charge, financials, operations — the works. 3. Skip the Training Slip-Up: Thinking your successor can mind-meld with you.
to share at no charge. It focuses on Massachusetts, but there’s valuable
info there for any business owner. Comment that you want a copy and we will be happy to send you one.
Quick Fix: Do a gradual handover. Teach, mentor, and prep them for the throne.
Wannabe Bank Robber Calls Ahead, Orders Cash to Go DIALING FOR DOLLARS
minor, was already inside the bank when the managers initiated a lockdown. The accomplice passed the teller a note and collected about $900, but police stopped him as he left the bank. The fleeing accomplice was undoubtedly disappointed when the bag exploded in dye after throwing it on the ground. (Bank employees had disregarded the robbers’ phone order that no dye packs be tucked in with the cash. You just can’t get good service these days.) The accomplice and the robber who placed the call, who had been sitting in a car nearby, were both arrested at the scene without incident. The adult suspect, Albert Bailey, was on probation for a different bank hold-up several years earlier. Both were charged with first-degree robbery and threatening in the first degree.
Department. Robbers have tried many routes when attempting to rob a bank, including entering the drive-through lane and terrorizing tellers through the window. But, “I’ve never had somebody call ahead and say, ‘Get the money, we’re coming,’” said a detective in the Fairfield case. In taking advantage of the telephone warning, the police were already at the scene when the robbers
Any bank robber knows you have to hurry through a heist to escape. A crook in Connecticut tried a novel time-saving technique: calling ahead. Taking a cue from the take-out food craze, the wannabe bank robber called a bank in Fairfield, Connecticut, and demanded that $100,000 in large bills be prepared for
him with no dye packs in the bag. If the orders were not carried out, the caller told
arrived. “I would classify these individuals as ‘not too bright,’” the police spokesman said. The employee who answered the robber’s call immediately hung up and called 9-1-1. The thief’s accomplice, a
the employee, “there will be a bloodbath.”
Fairfield cops, who thought they’d seen it all, were dumbfounded. “You can’t make this stuff up,” said a spokesman for the Fairfield Police
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