This Heiress Is On A Mission To Assist The Black Group Via Succession Planning

Lauren Miller is a 33-year previous decided to assist the Black neighborhood construct a generational legacy.

She ran her millennial-focused journey and life-style model, Can’t Keep Put, for years till her father, Dave Miller Sr., turned terminally unwell. That’s when she determined to pause “Can’t Keep Put” to give attention to increasing Miller3 Consulting, Inc., previously D.J. Miller & Associates, Inc., a enterprise based by her father in 1986.

Immediately, after a profitable transition plan, Miller and her siblings personal the corporate. She serves as Director of Enterprise Growth, and her brother Dave J. Miller serves as Chief Govt Officer.

Ms. Miller is on a mission to assist Black households obtain generational legacy via correct succession planning.

She shares her household’s expertise and classes realized via her platform and partnerships with firms like T-Cell.

I interviewed Miller on The Dreamers Podcast. She shared her greatest recommendation for anybody eager about efficiently transitioning a enterprise to the following era.

Assist your children perceive their origins and who they’re as people

For Miller, a profitable succession plan begins years earlier than the transition occurs. Step one is to assist children admire their heritage and giving them the area to determine who they’re.

“Nurture and educate your children who they’re and the place they arrive from,” Miller mentioned.

Miller shared a narrative about her Nice-great-grandfather buying land in 1910, a chunk of land nonetheless of their household immediately. Understanding that her ancestors cleared the land manually as a result of they didn’t have entry to a tractor gave Miller and her siblings a higher sense of delight.

Miller additionally famous the significance of elevating your children to be impartial thinkers who acquire experiences outdoors the household enterprise.

”I all the time wished to guarantee that I used to be my very own particular person, outdoors of who my mother and father had been and what they’d finished. I had lived numerous my life and had pursued numerous my desires and aspiration, and I nonetheless am,” mentioned Miller.

Miller believes her impartial life {and professional} experiences make her a greater asset to the household enterprise.

Have open conversations with your family to share your vision and gauge interest

Miller highlighted the importance of getting clear on your vision for the business beyond your lifetime. Also, gaining clarity on your family’s vision is equally important. It’s during those conversations that you can share your mission and vision with your family and gauge their interest.

Also, giving your kids the space to decide which role they want to play in continuing the generational legacy.

Knowing years in advance if your kids are interested in running the business or just being owners will give you time to prepare for a successful transition together as a family.

Determine what retirement looks like for you as an owner and identify your successor early

For business continuity beyond the founder’s lifetime, Miller talked about the importance of having a retirement plan. 

As a founder, determine “when you want to step back and play an advisory role.” Also know “when you want to get to the point where you don’t play a role in the business anymore and just collect a check,” she said. 

“Start early identifying who your successor is early,” she added. It’ll help determine “what training is needed.” It’ll also help identify “gaps in the successor’s knowledge.” During this process, Ms. Miller shared the importance of figuring out if the successor needs additional training. Whether it’s through certification, formal education, or getting experience somewhere else. The founder must ensure the successor(s) get what they need to be prepared for the transition so the legacy can continue successfully.

Photo credit: Kevin Taylor

Create a record of your standard operating procedures. 

For any activity that you or an employee of the business performs regularly, it’s important to document the processes. It helps ensure that someone else can perform the tasks and continue the generational legacy. Unfortunately, many small business owners do not take the time to record their standard operating procedures (SOPs). That mistake will make a succession plan a lot more challenging. If doing it in-house is not an option, “hire the different service providers you may need. Management consultants, lawyers, bankers,” Ms. Miller said. She shared that her family has tons of recordings of her father, which helped transfer business knowledge. Though it might not be possible for every family to do that, it’s an option worth considering.

Transfer your network while alive.

Miller shared that before her father’s passing, her father had made introductions and empowered her brother and her to represent the company in meetings. That process helped collaborators get acclimated to working with them. It also provided the siblings with a solid network of people to reach out to while continuing the generational legacy.

Succession planning is not a one-time event.” Miller said.” It can’t be handled in a roundtable discussion. It can take 3 to 5 years. It’s a process.”

Anne-Lyse Wealth is a Wealth Coach, Writer, Ghostwriter and Host of The Dreamers Podcast. 

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