Georgi Feidler- The Baby Boomer Business Crisis: Why Succession Planning Can't Wait

In this conversation, Georgi Feidler shares her journey from being an accidental entrepreneur to a purposeful consultant. She discusses the importance of having entrepreneurial conversations at the dinner table, the skills gained from her corporate career, and how they translate into her consulting work. Georgi emphasizes the need for generalists in small businesses and the challenges faced by baby boomer business owners in succession planning. She highlights the emotional ties to businesses and the importance of mentorship in ensuring a smooth transition for future generations. The discussion also touches on the significance of finding the right fit for leadership roles and the balance between planning and surrendering to a greater purpose in business.

Takeaways:

• A dream doesn't turn into a goal without a plan.
• Understanding your natural strengths is crucial for success.
• Generalists can provide the connective tissue for small businesses.
• Founders often feel lonely and need support.
• Tribal knowledge can hinder business scalability.
• Succession planning is essential for baby boomer business owners.
• Emotional ties to businesses complicate succession.
• Successors need to be forged over time, not just found.
• Mentorship is key in transitioning business knowledge.
• Creating structure protects legacy and freedom.
• Succession planning is crucial for business continuity.
• Mentorship plays a vital role in successful transitions.
• Documentation is essential for delegating responsibilities.
• Identifying single points of failure helps in succession planning.
• Hiring for character and connection is more important than credentials.
• Emotional intelligence is key in business handoffs.
• Delegation allows founders to step back and take breaks.
• The right successor can enhance team dynamics.
• Legacy planning should be a continuous process.
• Surrendering to purpose can lead to unexpected opportunities.

Impactful Quotes:

"Tribal knowledge is the enemy of succession. If it's in your head, that's not delegation. We can't delegate that, right? That doesn't exist."

"Successors aren't found. They are forged over time."

 

"Structure is actually what protects freedom and that legacy."

 

"I think that founders are the lifeblood of innovation. They have an amazing potential to change the lives of their teammates, their family, and their community."

 

"I always say teams can be well-rounded, even though people can't."

 

"Hiring your successor isn't about finding the perfect person. It's about finding someone who makes the team more complete."

 

"The clearer that we can be upfront, the less frustration that we're going to create down the road."

 

"You can't train character. Connection is a very trusting...