I sometimes get frustrated by the time it takes to accomplish certain tasks, and I think most people often feel the same way. It seems to me that we almost always underestimate the number of weeks or months a project will take, and the frequency with which we finish things on time (or even early!) is actually very low.
Examples? Let’s start with creating a website. I already have two websites, but I don’t like them much, since they were designed a while ago and no longer meet my needs. Several months ago, I gave a contract to a company to develop my new site, but I’m still waiting for it.
But I can’t blame the company, because since awarding the contract, I’ve changed the specifications, which caused weeks of delay while I redefined what I wanted. I know the result will be much better, but living with the delays is still pretty frustrating.
The lesson here is that to get something that looks right, you have to be patient, because good quality takes time.
For my second example, I want to talk about physical fitness. Today, I just completed a 5 KM run for the first time. I signed up for the race toward the end of February, and I thought at the time that with two months of preparation, I’d be able to run most of the race, because I didn’t want to simply walk the 5 KM.
In reality, with the level of fitness I had at the start, it would have taken a few more months. What’s more, during the last 3 weeks, I didn’t train even once because of a knee injury. The injury was the result of the overly progressive training program I had made for myself, because I hadn’t allowed enough preparation time. More time would have been beneficial.
I could also talk about my book, which should come out in the next few months. I thought I had finished writing the text with enough time for production to wrap up before my deadline (I set myself a “deadline” of my 50th birthday, in August), but the responses I’m starting to get from the publishing company are leaving me with doubts.
But my goal in this blog is to talk about family businesses, right? Well then, when it comes time to plan and carry out transitions in business families, do you think they give themselves too much time, just enough time, or not enough time?
In the examples I’ve given, I was talking about weeks and months. But when you’re trying to prepare a new generation for its future in managing a business, it’s in years or even decades that you should be thinking.
And in addition to the transfer of the management of the business, there’s also the transfer of the company’s shares. With all that, you have to think in terms of managing the family, not just the business.
In terms of complexity, we’re not necessarily talking about a project like building the CHUM or the new Champlain Bridge, but if you have to set a timeline, the number of years becomes comparable.
When it comes to important decisions, and changes that affect a lot of people, and especially people we love, it’s almost impossible to take too much time to be sure we get it right.
Unfortunately, families often wait too long to start these important transfers. I’m trying to convince you otherwise, and I hope you’re getting the message.
