Property managers who own their own companies need to get comfortable with thinking about the idea of succession planning or retirement planning. You should start that process now because it takes time to implement change. So it makes sense to begin auditing your company to prepare for your retirement or to make sure your contracts are signed and ready to go. This will keep everything current and you can put together the best property package that someone would want to buy.
Creating a Plan and a Timeframe
You need to have a plan, a timeframe and an idea of how much money you’d like to get out of your business. Then, focus on what you need to do to get to that end. It takes time to implement this change, so start working on backing out of the company and delegating tasks to your employees. You want the business to thrive without you, because then the business will have more money and that’s always what someone is willing to buy.
Detach Emotionally from Your Business
The most difficult part in thinking about succession planning or retirement is not the money or the sale; it’s the emotional part of things. You have put your blood, sweat and tears into this business, and it’s hard to disconnect. You’ll worry about your employees and you’ll worry about your clients. Allow some time for the mental process to take shape. Think about what you’re going to do next. Start dreaming about what you want to do. Otherwise, you’ll never leave the business. Have a bigger and a stronger WHY that defines what you’ll do in retirement or the next phase of your life. This will help you move onto that new, exciting thing.
Good succession planning means knowing what you need to do if you suddenly weren’t there to manage your property management business. Maybe you’ll win the lottery!
If you have more questions about how to put a succession plan into place and how to think about retirement from your property management business, please contact us at The Property Management Coach, and we’d be happy to support you in the planning stages.