“Perma-Five” = The time frame most often given by entrepreneurs when asked about a major change in their life. It’s always five years away. It has been my experience that the five year period is just close enough where others believe that it is realistic; just over the horizon of taking action.
Perma-Five comes up most often when talking about:
- Taking on or buying out a partner
- Making an acquisition
- Delegating a major duty
- Change in leadership roles
- Relocation or expansion of the business
- Major personnel changes
None of these are easy and they will all make one or more people very uncomfortable.
Giving up the past and embracing the unknown is about as easy as walking a tightrope in the dark.
- Test Run – Try something on a smaller scale to understand the changes that will take place.
- Example: if you are considering retirement, take an extended vacation with limited/no communication with the office.
- Example: if you are looking at delegating one or more major duties, give the person you plan to empower a chance to shadow you while you do it. (They will have their own methods, but you should agree on the outcome.)
- Build Structure – Have specific steps that break the larger goal down into smaller steps that are actionable (Written procedures; conversations with people involved; What will be done with your change in time available.)
- Communicate the message – The right people have to know in advance so that they can prepare for the change as well.
- Make sure you have the right people – Just because you see the fit, doesn’t ensure that they will. Broach any plans with an early conversation to better understand how they see their future.
- Example: For a potential candidate that you are considering to delegate duties and power to in the future, you might start with a conversation about their career plans as it relates to the position and company. You many also want to talk with others to get additional perspectives.
- Example: If you are planning a move to a new headquarters, statistically there is employee turnover for every mile
- Get help – If you find yourself letting commitments toward this change slipping three times in a row, then you will most likely need someone to help guide you and hold you accountable for the changes you know are necessary.
I specialize in working with freshly-minted CEO’s in their first three years as well as entrepreneurs in their final three years of leadership. Through many engagements, I have found that those few years on either side of leadership transition are when they have the largest opportunity to make a positive impact on their business. If you know a new CEO that has a bigger future in mind, have them call or text me at 612-845-2076 or email me at Todd@DynastyLC.com to set up a brief conversation.