On March 14 was the day United Continental Airlines CEO Oscar Munoz eturned to work after he had a heart attack and heart transplant last October. As the Wall Street Journal stated on March 7, 2016:
“Mr. Munoz’s illness has shaken a company that was already under stress.”
What would happen to your company if you needed a heart transplant? What about months of chemo or dialysis?
United has taken heat for not disclosing Mr. Munoz’s health issues, not announcing the heart attack for four days, and for not being prepared with a succession plan.
Guess what, they’re not alone. Most businesses aren’t at all prepared for succession, sale, or even the owner taking a four-week vacation (with no cell or Internet service).
This is exactly what business buyers look for, a catastrophic event. The three D’s are divorce, death, and disability but anything that delivers a haymaker to the owner is spelled “opportunity.”
One of my client’s top customers has an owner in his 80’s who states he’ll never retire and doesn’t plan on dying. Think there’s a succession plan there? Think he’s read my book, If They Can Sell Pet Rocks Why Can’t You Sell Your Business (For What You Want)?
Do yourself or your clients a favor and get it. Then do as my client Rod Jones says and have a Nike moment. Instead of planning on when to read it, “Just Do It.”