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In this episode, we dive deep into the pivotal moments of business and life transitions with insights from retired founder Steve McKee, who recently embarked on a new chapter after selling his company of 27 years. Steve shares his enthusiasm for what lies ahead and reflects on the critical principles of navigating turns in both business and personal spheres. The discussion emphasizes the importance of preparation and recognizing the opportune moments for change, shedding light on how these principles have guided Steve through his career and into a promising future. Additionally, we explore the intertwined nature of career success, identity, and the journey towards the next decade of life, offering listeners a comprehensive view of the challenges and triumphs faced by those at the helm of their businesses.
The conversation shifts to the nuanced topic of succession planning, where we delve into the psychological and practical aspects essential for a smooth transition. We discuss the significance of starting the succession planning process early, ideally 6-10 years in advance, to ensure the longevity and success of the business. By focusing on identifying and developing a successor, even without immediate plans to sell, business founders can prepare for a future where their legacy thrives beyond their direct involvement.
Steve McKee is the recently-retired co-founder of McKee Wallwork, a nationally recognized marketing advisory firm. He is the author of TURNS: Where Business Is Won and Lost, a groundbreaking book on change management, When Growth Stalls: How it Happens, Why You’re Stuck and What to Do About It, an award-winning business book now published in four languages, and Power Branding: Leveraging the Success of the World’s Best Brands, which one New York Times bestselling author called “the definitive book on modern branding” that “should be mandatory reading in every business school in America.”
Steve’s firm made the Inc. 500 list of the fastest-growing private companies in America its first year of eligibility and has twice won the prestigious Effie Award for marketing effectiveness from the American Marketing Association. The firm has twice been recognized by Advertising Age as Southwest Small Agency of the Year and one of the nation’s Best Places to Work, and also won the publication’s National B2B Campaign of the Year award.
Steve was a Businessweek.com columnist for a decade and currently writes a popular monthly column for SmartBrief on Leadership. He has been published or quoted in The New York Times, USA Today, Forbes.com, Investor’s Business Daily and The Los Angeles Times, among others, and has appeared on CNBC, ESPN2, CNNfn, Bloomberg, and network television affiliates across America.
Find Steve here:
https://www.linkedin.com/in/stevemckee/
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www.missionmatters.com/author/scott-couchenour
