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Succession Planning Lessons from a Pro Football Legend

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I’m a huge Dallas Cowboy fan (for those of you who don’t know it) and today I was privileged to hear a Washington Redskin Legend share his passion for helping business and even current NFL Rookies with their financial success. The legend, Brian Mitchell, a ferocious punt and kick-off return specialist who played 14 years in the NFL and is 2nd All-Time in All Purpose Yards of 23,330, behind Jerry Rice.

 

What intrigued me about the story of Brian Mitchell was his overall mindset, but specifically how he had a plan, a succession plan, for when his football career was over. The average NFL career last less than 3 years, Brian knew this and he knew that his career could end in one play. So he planned for that. He realistically looked at the longevity of a NFL career and took action by developing relationships, pursing radio and TV (in college he even changed his major from chemical engineering to business management) with a passion to help business people. He told the group (it was a seminar hosted by Great Legal Marketing and Foster Web Marketing) that he realistically thought he would spend four years in the NFL. Because of his hard work and no career ending injuries he was fortunate to spend 14 years in the NFL.

 

Small business owners need to take this same approach. Realistically assess your current business, develop relationships with professional advisors (lawyer, accountant, financial planner), begin to identify someone you can begin to mentor and ultimately transition the business to, and draw up a “map.” This process takes time, won’t happen over night, but it is worth it and you owe to yourself, your family and your employees.

 

If you would like additional information please give us a call at 818.369.7900

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