Helping the next generation succeed

Opinion: I decided to write this article because I see examples of people who have undertaken no succession planning and may potentially leave behind an unintended mess for others to clean up.

I thought it might be useful to share my experience. In my late 50s I attended a birthday party and sat alongside a person in their early 70s who was living life to the fullest.

I asked him the reason for success and his response was to ‘‘keep everything simple’’, the KISS principle.

So, the next day I sat down and wrote out a list of all the things in my life that over time had become complex, and that I should simplify.

The list was surprisingly extensive.

I dabbled in a range of businesses, sat on the boards of several not-for-profit organisations, and realised I should plan my extraction over a period of time. It was time for the younger generation to be given the opportunity to step-up into these roles.

I had tried my best to establish a long-term saving plan for my more mature years. I left the run a little late but with a large family there were always other options to spend your money.

I sought financial advice and started saving. Wills require updating, memorandum of wishes requires composing, etc. I was determined that I would not leave behind a mess for my family. Strangely, the garage took the first hit, and it felt good. Living the dream, a cycle ride the length of the South Island on and off-road in 2018.

I have been fortunate that I have had good jobs, so I had choices. In my early 60s, I heard a young doctor describe the 60-70 age bracket as like walking down ‘sniper alley’.

At any moment, you can get ‘taken out’ by an accident, disease or failing health.

The sniper does not care who they target, they just strike. The sniper especially loves 60-yearolds on mountainbikes. Bugger!

The good doctor was correct, I have seen many of my family, friends and colleagues struck, often unfairly, with a health issue or accident.

I plan to live an active life in my 60s and 70s if possible and avoid the sniper for as long as possible.

I therefore required another plan. I enjoy my work, my work colleagues, and the aquaculture industry. But I should plan my exit and prepare the business for the next generation.

Succession planning takes time and careful consideration. Again, I sought expert advice and decided on a way forward.

I changed my role within the business, to give me more time to partake in my outdoor adventures, but there is an end date.

To get where I want to by that end date I need to actively plan, let go of some things and facilitate the next generation to move up.

I have no plans to slow down, just change priorities. I’m working to balance out the time I have left to concentrate on the best bits.

I may have left my run too late, but I am currently picking off parts of the South Island Te Araroa Trail, as work allows, and I find that incredibly satisfying.

So, without plans, the years and opportunities race past us, and I don’t want to leave the world with regrets.

Food for thought for an industry that has been built on a generation of pioneers.