Q1: @TheweddingDiva What is Succession Planning?

A: Succession planning is the method of putting into place, a competent manager or management team to take over the running of your business when you leave or retire. It’s also a great way to ensure your visions and input stay rooted into the enterprise you have created.

Q2:@TheweddingDiva Why should Wedding Pros be thinking of the End Game?

A: It’s simple – really. Do you want to be the 70 year old planner, photographer, caterer, florist (insert your specialty here) running hither and yon EVERY weekend, chasing down women in white dresses with no relief in sight because you FAILED to plan? Or would you rather be the relaxed former professional, taking advantage of the fruits of your labor?

Q3: @TheweddingDiva How should Wedding Pros exit from the Wedding Industry?

A: Gracefully. And we need to think about how that will occur. Always do your level best to make it happen WHEN you want….don’t get forced out.

Q4: @TheweddingDiva How should wedding pros preplan their exit?

A: The best way to plan this is by thinking ahead…and that means visiting the scenario when you first start your career or business. My adage? Start how you want to FINISH.

Q5: @TheweddingDiva How do you make smart financial moves?

A: By thinking smart. And by understanding the “bigger picture” – retirement IS what you make it to be. Start now by looking at your financial portfolio – do you have a formal retirement plan, 401K, Roth IRA, etc…or are you simply “winging it”?? Are you investing in things, such as international companies like facebook (learn how to invest in facebook here), to protect your future? Make an appointment to speak with a qualified retirement specialist, and just as importantly, keep it! You can also speak to your employer as they may be able to give you some information on your 401k as well as a guide to 401k audit requirements.
Think about it this way – the lifestyle you have now, the comforts, the amenities…..do you want them when your work life has ended?? You need to really think about this, especially if you are someone who is married as well! You can’t leave your business and not have a solid retirement plan to help you live the rest of your life. There are some options though; you could use an equity release calculator if you are a homeowner to see how much money you could get by releasing the equity in your property. Plus, social security can be very helpful in this case and it can aid you incase something happens to your other half during retirement, such as death. Talking to a financial advisor about death and Social Security should be one of the first things you both do when discussing a retirement plan, don’t leave yourself out in the financial cold.

Q6: @TheweddingDiva Why is hiring the right manager important to succession planning?

A: Hiring the right successor is key to keeping the spirit of your enterprise alive and kicking…yet moving in a forward direction. The right manager understands what you’ve put into making the company grow and will stay true to those ideas and precepts.

Q7: @TheweddingDiva How do you hire the right people?

A: Trial by fire. Yes..some people will come to you already ripe for the picking, so to speak. But for the vast majority of business owners, you are going to go through a few “orchards” before finding the right crop. You know what you’re looking for in a team – do not settle for less. You can develop people – but you cannot change them.

Q8: @TheweddingDiva What about selling the wedding business?

A: Depends on the type of wedding business you own…something like a catering firm, a bakery, a florist, a rental company…those may be easier to “sell” in the traditional sense since they have a tangible product. But more “creative” fields (photography, videography, entertainment, planning) are harder because of what they contain..they more than likely carry the owner’s brand & stamp all over them, which is hard to transfer to another party.

Q9: @TheWeddingDiva Can you explain the Michael Jordon Concept ?

A: Sure – the Michael Jordan concept is simple….go out at the TOP of your game!! You leave when you are at your peak…not when you’ve begun a downward spiral. Going out at the top allows you to leave an amazing legacy and solidify your spot as the EXPERT.

Q10: @TheweddingDiva What can wedding pros learn from Michael Jordon?

A: The best lesson learned from MJ? The love of the game. Michael Jordan personified basketball…it was truly a part of his soul. Wedding professionals can take a page from that book – you have to inherently LOVE this business to really make it work.

Q11:@TheweddingDiva What would like everyone to take away from this #WeddingMarket Chat ?

A: I really want all of you to stop for a moment and think about your future…the one where there are NO weddings every weekend, no staffing issues, no emotional brides or mothers, no payroll, no figuring out how to increase your SEO..none of that. What does it look like? How do you plan on spending those “golden years”?
If you don’t have a plan or think you’ll never TIRE of the wedding business…it’s time for you to have a reality CHECK! There is more to life than a wedding…and if you’ve worked hard, built a prosperous enterprise and have generally been fulfilled in your mission, then you deserve the ability to leave on your terms and STILL be financially comfortable. In short, you deserve to take advantage of what you put into the equation………..