Succession Planning for Long-term Success

What would happen to your business if you had to retire tomorrow?

Many small businesses are dependent on the owner, so if you want to be able to retire and/or position your company to be able to sell – you’ll need strategic forethought and action built into the structure of your organization. Having a strategy for developing people who can move up when key employees leave is critical to the long term success of a business.

The trouble is, many businesses owners only start thinking about this when they are nearing the transition. Building on-going succession planning into the structure of a business will not only position the business for success when transition approaches, but it will allow the business to grow and attract top talent in the meantime. It will also allow the company to be strategic if the goal is to sell.

When a business has leaders-in-training, the dependence on the owner is minimized so that when the time comes, the business owner can confidently step back and reap the rewards of the business.

Marielle Gauthier, a professional executive and personal coach, has been studying the challenges businesses and organizations are facing in leadership transition as retiring leaders move out, and the next generation of leaders move in.

“Using what I have learned through these assessments, I have developed an approach to support organizations through the transition process so the risks and impacts are reduced and performance and productivity are increased,” said Gauthier. “This means business goals are met while profits increase and costs decrease.”

Gauthier’s clients experience an increase in confidence, better communication, better relationships and have seen a measurable ROI thanks to her coaching.

“As an executive coach, a business communication specialist, facilitator and trainer, I assess the needs of the leader and the organization,”said Gauthier. “My phased-in approach consists of  an assessment process, coaching the leader through a results-based succession strategy, and implementing an action plan.”

Gauthier’s tailor-made approach can also include facilitation, training, peer support and consulting. Through alliances with other executive coaches, organizational development specialists, human resource specialists, business advisors, accountants, lawyers, and business valuators, Gauthier is able to scale any challenges that arise in the succession planning process.

“As the old adage goes: If you fail to plan, you plan to fail,” said Gauthier.

Planning for succession in a business is just as critical as all of the other planning that goes into creating and maintaining a thriving business. Owners must take responsibility for laying the bricks of succession strategy into the structure of the organization as the business is growing and being built.

To seek out support for building succession planning into your business, and to learn more about Marielle Gauthier, visit www.powerupyourretirement.com or send her an email at marielle@redworkscoaching.com.

Support your retiring employees

Do you have employees nearing retirement?

Fears related to change and feelings of uncertainty about the future can make the anticipation of retirement stressful.

As a strategic advisor specializing in life-transitions, with a focus on retirement, I work with individuals to create a purpose-driven retirement lifestyle plan. My clients see positive transformation in their lives as a result of the work.

By supporting your workforce to psychologically prepare for their retirement, your employees will be happier and more engaged. They will be able to offer a higher level of commitment and productivity when they have a game plan for their next stage, and have put their uncertainties to rest.

If you have individuals who would benefit from emotionally and psychologically preparing for their transition to retirement, please send me a message. I do executive, team, personal and group coaching.

Free Masterclass – 10 Most Common Fears About Retirement

Are you excited for retirement but have a few fears and concerns? Many people think that retirement is just about getting ready financially. Although many pre-retirees are concerned about their finances, money isn’t the only thing on their minds.
Whether it’s missing the comfort of a schedule, dealing with the loss of work relationships or losing a sense of purpose, it’s common for people approaching retirement to experience a wide range of worries.
Psychological and emotional factors (aka the non-financial stuff) plays a BIG role in a successful retirement. In fact, research has shown that almost half of people entering retirement struggle with the transition into their post-career life.
But it’s not all doom and gloom! You can decrease your concerns and apprehension about retirement by preparing yourself psychologically.
Start by signing up for my free masterclass – 10 Most Common Fears About Retirement – where you’ll learn about these common fears and get tips on how to overcome them.
I want you to be excited about your retirement. Together, let’s start planning for yours!

Three reasons to make a mid-life career change

If you find yourself mid-life and you’re unsatisfied with your career, or you’re simply ready for the next challenge – don’t hesitate to make a shift. Here are three reasons why!

  • You’re at a point in your life where you have an equal balance of both experience and possibility.
  • Conventional career rules no longer apply. It is becoming increasingly common to shift careers mid-life.
  • This is the only life you get – loving it and taking pride in what you do is what you deserve.

If you are looking for support as you navigate a mid-life career change, send me a message! I’ve had great success coaching others in the same position as you.

RBC’s Discover and Learn Event

 

 

 

 

 

 

 

 

Are you approaching retirement and live in or around Saskatoon? If so, we have a valuable retirement planning session coming up on March 3 designed just for you!

I’m a Results Certified Coach specializing in the transition to retirement and I’m teaming up with Investment Retirement Planner Brian Chau from RBC to deliver a wealth of knowledge on the subject.

With each of us specializing in different aspects of retirement, this is a unique opportunity to gain a holistic perspective as we bring together both the financial and lifestyle considerations for your transition into retirement.

Register now by contacting Cheryl Eckert at (306)-933-3402 or by email: cheryl.eckert@rbc.com

Details:

March 3, 2020 from 7 to 8:15 pm

Staybridge Suites

1838 College Drive

Saskatoon, SK

Study states skilled talent shortage will continue to impede global growth

I’m curious about how many companies are aware of this…

According to Canada’s Urban Futures Institute, about 425,000 Boomers will retire by 2020 annually and some 9.8 million Canadian baby boomers are already approaching retirement.

Already a major issue, skilled talent shortages will continue to impede global growth and if not addressed, could have a significant impact on major economies by 2030, a study* by Korn Ferry (NYSE: KFY).

Talk about succession planning being key! How are you getting new leaders to step into the role and how are you supporting the leaders you have who are leaving?

This is just one of many things I can help you with. If you’re interested in having me come to your place of work to do a session or workshop, drop me a line today!

Is long-term care insurance right for you?

No one has ever said to me, “I can’t wait to move into a long-term care home!” So I think it’s a safe bet to say that very few of us want to do so. We want to stay as independent as possible in our own home for as long as possible.

If you take care of yourself as mentioned in an earlier blog, you can hopefully push back long-term care needs well into your senior years.

Whether you will need long-term care or not, there is no doubt however, that long-term care is expensive. Has this been factored into your overall financial plan?

You may want to consider purchasing long-term care insurance while you are still working. This insurance can provide coverage if you become unable to care for yourself and need assistance either in your own home or a care facility following an accident or illness.

When I finished paying for my long-term care insurance, I felt great about having that peace of mind should I ever need it.

Talk to your financial planner or your insurance provider to see if long-term care insurance is right for you.

What can you do now to increase your level of health to stay as healthy as possible for as long as possible?

Handle your retirement like a boss

You’ve handled your career like a boss….so why not handle retirement like one too?!

You’re a powerful professional woman, and the end of your 9 to 5 days are finally in sight or just a few short years away.

Bring on more time with friends, more time with grandkids and finally writing that novel you’ve had in your head since you were 35.

Retirement, even if it’s still a few short years away for you, is the next step on your journey.

It can instill positive thoughts of relaxation AND some serious feelings of anxiety and uncertainty.

That’s why I’m here. To give you the retirement reality check you need to help you conquer the emotional side of this incredible life transition.

My transformational program, Power UP Your Retirement, will:

  • Generate a deeper understanding of what’s important to you
  • Help you gain clarity on what you really want out of retirement
  • Allow you to schedule time to focus on you and your desires
  • Empower you to develop a ready-to-implement action plan and so much more.

It all comes in an amazing package that includes a high-quality video training series, group coaching, online community and other educational resources focused on helping professional women like you transition into a successful retirement.

Your plan will help you smoothly transition from working full-time to leading a fulfilling and purposeful life on your own terms.

Register today and and get full access to our private group mastermind experience for one year and get access to 12 online retirement planning modules, expert videos, private online community, and a life-changing monthly live group coaching session.

Sign up now!

https://www.powerupyourretirement.com/power-up-insider

Ten Tips To Stay Sharp at Any Age

Stay sharp by exercising the muscle that is your brain!

Aging does not necessitate mental decline. Research supports that people who continue to prioritize intellectual stimulation increase their chances of avoiding degenerative diseases like dementia.

Here are some tips for keeping your mind sharp at any age!

  • When you’re tempted to reach for the calculator -try doing the math in your head
  • Stay mentally stimulated through a good book or through book club debates
  • Stretch your mind through games and word puzzles
  • Stay socially active – find ways to be plugged into your community
  • Learn something new by trying something you’ve never done before
  • Engage in a program, course or class
  • Plan engaging outings with friends to galleries or theaters etc.
  • Find a place you can put your gifts to work by volunteering
  • Build regular exercise into your routine
  • Plan and cook healthy meals and eat at regular intervals during the day

Leave a comment with YOUR favourite activities for keeping sharp!

Sign up now for our online program Power UP Your Retirement Lifestyle! You deserve the best transition into retirement possible!  https://www.powerupyourretirement.com/power-up-insider

#intellectualstimulation #exercise #sociallyactive #volunteering

Identity crisis in retirement

If your career has become something that you identify with very strongly, then you may face the very real challenge of identity-crisis in retirement.

You may have built up, over the years, a position of power and respect in your vocation or place of work – perhaps you even received public attention for your achievements. If so, moving into retirement may feel like a big letting go of something that defines you. These are big feelings that are valid and important to talk about.

Here are two points of action to get you started in preparing for that transition.

  • Reflect upon your journey – where you started, compared to where you are now. Perhaps you want to write out the story, or tell it to a loved one. Be proud of your journey and notice how it transformed you.
  • Moving forward – consider which aspects of your life’s-work you would like to carry with you into the next phase of your journey, and which aspects you feel content to leave behind. Brainstorm outlets for the aspects you want to carry with you into the next phase. Perhaps you want to organize events in your local community, or volunteer for a non-profit organization, do aid-work abroad, or coach young people in your field of expertise.

For in-depth support of this nature, join my online program at www.powerupyourretirement.com.