61 - Future Phobia: How to Overcome Your Fear and Craft an Effective Succession Plan

Have you ever thought of transitioning your business over to new management in a way that you still have enough control to make a difference, but do less of the tasks that you do as an owner? An effective succession plan can be tricky. Thinking of how much blood, sweat and tears you've shed for your business to grow and to just hand it over to someone else is a tough decision to make. Knowing how to put a solid succession plan in place before you begin is crucial. In today's episode, Walt Stahl shares with us his thoughts, wins and struggles as he transitions his business to his A-Team, even gifting portions of the business to them. If you are thinking of creating a succession plan, then this episode is for you.   What's Discussed In This Episode: How is Walt's company currently structured? [05:16] What action is Walt taking for the transition of his company? What is the underlying foundation of the value of his company? [08:19] How do you transition the company internally to your team?  [09:55] Why is Walt gifting parts of his business?  [12:10] What are the conflicts Walt has experienced with regards to gifting parts of his business? [12:54] What are the biggest challenges that Walt has encountered so far with this transition process? [16:23] How did Walt talk about the difference in ownership proportion with his team? [17:40] What is the first thing Walt had to do as he was putting this succession plan in place? [20:05] How did Walt decide who the next leader is? [21:47] Were assessments done to choose the next leader? [24:15] When do you go from observation to intervention mode? [25:50] When did he reach the point when he decided that it's time to transition the company to another leader? [27:23] How did he work on struggling to let go of his business? [30:34] What is that one thing that Walt is focused on to make the process as healthy as possible? [34:51] What is he doing to ensure that the transition will go as planned? [35:48] Should you be thinking of your succession plan today?  [39:08]   About our Guest: Walt Stahl is an experienced President with a demonstrated history of working in the management consulting industry. Skilled in Land Development, Plumbing, Value Engineering, Cost Management, and Contractors. A strong business development professional with an MPA focused in Public Administration from USC. The Stahl Companies has been a leading force in healthcare construction management for two decades, thanks to the guidance of its founder Walt Stahl. As the Chief Compliance Officer for OSHPD, Walt Stahl provided a critical link between the healthcare industry and government regulators. When Walt Stahl left OSHPD, he wanted to put the insider knowledge he had gained to good use and founded The Stahl Companies to help the industry he had faithfully served for 15 years. When he is not at work Walt Stahl enjoys spending time with his family. He also loves riding his Harley-Davidson Road King Classic in the state of Montana, indulging himself with what nature has to offer.   Connect with me on LinkedIn. For more podcast episodes, you may also visit my website. Tune in and subscribe to the Construction Genius: A Leadership Master-Class Podcast on Apple Podcasts, Spotify, and Stitcher. Thank you for tuning in!