Chamber Education Series: Succession Planning for Business Owners
“Only 34% of businesses have a documented succession plan,” noted Scott Danner at the Chamber Education Series: Succession Planning for Business Owners event held on May 25th, 2022, via Zoom. Danner, CEO of Freedom Street Partners and author of Freedom Street, shared lessons from his nearly two decades of experience.
The education event focused on how to create a rich life, leave a legacy, and own your future.
Create a Rich Life:
In his book, Freedom Street, Danner shared “The Four Quadrants” that help prioritize the life you want to live.
- Life – Relationships, Spouse, Family
- Work/Wealth – Growth, Goals, Business Plans
- Spirituality – Meditation, Religion, Prayer, Gratitude
- Health – Western Medicine, Holistic, Nutrition, Body
- Plan date nights with your spouse
- Start planning a family vacation
- Discuss estate plans with your parents
- Organization chart review with a consultant
- Client relationship management
- Prep for taxes
- Meditate for 10 minutes daily
- Morning Prayer
- Daily journal on gratitude
- Schedule annual doctor visits
- Schedule messages
- Schedule personal training sessions
Leave a Legacy:
Danner shared that only 30% of family businesses make it to a second generation. To move towards the next chapter, Danner shared the following keywords and sub-categories that are to be used as tools: Happy, Healthy, and Wealthy.
- Happy: Align Profit with Purpose.
- “Worry is praying for what we don’t want”
- Visualize Success
- Stress Less
- Health: Wellness Check Up
- Culture Check
- Catastrophic Risk
- Wealth: Maximizing Value
- Net Worth vs. Income
- Financial Planning
Own Your Future:
“Discipline = Freedom” Danner expressed, in the final section of the virtual education event. Danner shared his “Future Roadmap” to help figure out future goals and steps to own your future.
- Define Freedom
- Develop a Habit of Daily Impact
- Take the Continuity Quiz
To learn more about how to create a rich life, leave a legacy, and own your future, visit www.scottdanner.com and pick up a copy of his book, Freedom Street.
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