E09: Successful Succession Planning with Cal Rychener

Fear surely didn’t stop you from pursuing what you wanted to achieve. However, as we grow older, it's natural to accumulate more responsibilities and lose sight of our true selves. It's easy to let our fears take over instead of placing our faith ahead of us. But at some point, you must leave your fears behind and trust that God has a new path waiting for you. Don't be afraid to start anew, continue to cast your faith forward, and leave your fears behind. In this episode of Wealth Well Done, we continue the conversation with Cal Rychener, as he shares his insights into how to approach transitioning a business, such as not putting it off due to fear.  A good succession plan takes more time and preparation than one might think. Although you’re still going strong in your work, the time to start considering the first step of a succession plan may be right around the corner. Self awareness and selflessness are keys to knowing when to transition out of your leadership role. Leaving your hand-picked successor in a position to thrive is imperative to not only them, but to your business as a whole. In this episode of Wealth Well Done, we continue the conversation with Cal Rychener as he discusses the process of his three and a half year succession plan.   Here are some topics from today’s discussion: Put the Lord first in your house How to know you’re ready for succession Getting started with succession planning The weight that goes with leadership Knowing when to step back to become the coach and mentor Episode Highlights: [11:46] Put the Lord First in Your House Your commitment to putting God first in your home would result in blessings and raise up one of your sons. Initially, Cal was unsure of how this would come to fruition since neither of their sons had shown an inclination toward leading a church. However, on the last day of their son John's student teaching at Toccoa Falls College in Georgia, John called his father and expressed a desire to be a youth pastor, stating that the kids needed the Lord more than anything. [21:33] The Journey to Succession Planning As a leader, you may wonder how to know when it's time to step away from your position. It can be difficult to put into words, but often we just know when the time is right. Maybe when you first took on your leadership role at 30, you couldn't imagine anyone else sitting in your chair. You were built for this position, and it was your calling. Then as you approach your mid-30s, 40s, and 50s, you may feel tired and need time away, but ultimately you can't wait to get back to leading your team. However, something may begin to shift for you when you reach 59 and realize that only a leader truly knows how to vet leadership and deal with day-to-day challenges. The weight of leadership can be heavy, and there are unique responsibilities that keep you up at night. Ultimately, there is always going to be a time to step away from your leadership role and transition to the next chapter of your life. [25:06] Resources on Transition and Succession Planning If you're at a point in your life where you're not considering succession planning just yet, there are two books that you might find helpful. The first is Gun Lap by Robert Wolgemuth, which is targeted towards those in their 50s and 60s who are approaching the last lap of their race in business or church. The book emphasizes that this stage doesn't mark the end of one's life, but rather the end of a significant chapter. The other book is Retiring Well by Dr. John Dunlop, which provides insights on transitioning to a new phase of life, including how to follow your desired path rather than one that is required. Even if you're not retiring, you might find the principles of these books useful as you look ahead to your future vision. Cal encourages us to let the Lord guide us toward new opportunities that may be different than what we have experienced so far. Remember, the Lord isn't done with you yet. [27:03] Stepping Back to Become the Coach and Mentor Find somebody in your business that wants to climb the mountain. It doesn't mean your job is over. Step back now and become the coach and become the cheerleader and become the mentor. And you're never done then. In order for the next person to put their thumbprint on it, you have to leave. Resources: Gun Lap by Robert Wolgemuth Retiring Well by Dr. John Dunlop Email: [email protected]