Always FreyDay

Friday, January 13, 2023
Facebook Live Video from 2023/01/13 - Leadership Transition in SMBs

Facebook Live Video from 2023/01/13 - Leadership Transition in SMBs


2023/01/13 - Leadership Transition in SMBs

[NEW EPISODE] Leadership Transition in SMBs


It’s Friday the 13th and the topic of discussion is one that can frighten SMB owners and their employees just like the horror movies…the idea of a change in leadership.

Every leadership transition creates disruption and uncertainty for SMBs.  Whether it is a family business passed down to a new generation, retirement of the existing leadership, or acquisition by another organization who brings their own leadership team to the table, it is important for the new team to be prepared.

However, new leaders are often under prepared, under supported, and ultimately unsuccessful in transitioning to these roles.  That doesn't have to be the case!

We are joined by Jane Halford, Founder at Halford Consulting.  Jane helps business owners, executives, and boards survive, then thrive, through leadership change. 

By leveraging her experience as a CEO, board member, entrepreneur, and CPA, Jane brings a breadth of experience to her work.  She has a passion to empower teams with skills in proactive planning, collaboration, sharing insight and knowledge with their new leadership teams. 

Tune in for this sensible conversation at

Show Notes

Segment 1

Steven welcomes us to the show and introduces today’s topic about leadership transitions in SMB’s (small and medium sized businesses). Any time there is a transition of change in leadership, it can be frightening. Questions are asked like “will the leader and the company be successful?” Steve makes note that sometimes he sees smb leaders be unprepared for such transitions. This leads into his introduction of his guest, Jane Halford, founder of Halford Consulting in Alberta, Canada. Her passion is to empower teams to proactively plan and share the insight and knowledge with the new leader or leadership team. Jane is also an active board member for small, medium and large companies, and a non profit organization that focuses on making the world inclusive for persons with disabilities. Jane started her career as a CPA in a public practice where she served and managed clients. She loved the clients and is one of the reasons why she is still passionate about working with businesses today. After almost a decade, she decided to go from being an accountant to being a regulator of accountants. She also speaks about becoming a CEO at the age of 33. After several years, the board members changed, and along with other changes, she recalls how dysfunctional it was. Figuring out what to do next, she started researching transitions that people go through after being a CEO. One of her goals since then has been to lend tools for transitioning into a leadership role from the board.

Segment 2

Steve gives his perspective on this topic of leadership transitions. He emphasizes how there is a lack of education for business owners who want to transition out or retire. If not planned appropriately, there can be massive tax consequences. He makes note that these processes should be done ahead of time even more than a year. Jne talks about how the typical person in this role whether a CEO, owner, or a key employee, they most likely have a decade or more of knowledge to pass on to others. She says that in her work, she notices that most of these leaders don't think they have anything special to leave behind. She says that we need to get them talking about their “secret sauce”; how do they do their work? Who do they talk to for advice? She says to document these things and think of it as a project. For these leaders, she says to take 15 minutes and write down what they would say and who they would say it to (key contacts, the know-how, etc) if they were to pass on their role to someone else in very little time. She mentions that in terms of failures for the successors, it's not because of the technical sides. What they fail on is knowing how the organizations work, the culture, how the business model works, business partners, etc. Jane also talks about her courses that she has designed for business leaders and entrepreneurs and her online community. These courses are usually prerecorded and 10 minute segments. Some key things or part of the motivation for her courses is to maximize the value of ourpractice or company and to demonstrate that over the long run past your leadership.

Segment 3

Jane tells us about a serious situation 15 years ago. She was on the board, sitting in the room, following the CEO’s report. While looking down, someone asked “are you okay?” She looked over two seats and saw the CEO slumped on his chair. Their Chair helped as well as paramedics who came in 10 minutes. Unfortunately, they passed after having suffered a stroke. She speaks about how she couldn't do anything to help her board chair because she didn't have the tools to do so. Times like these make her passionate about what she does today. She speaks about how many business leaders don't take the time to think about these issues on how their business will move forward when they are retiring or if something happens to them. It is a topic that business leaders may not feel comfortable discussing for many reasons, so it may take employees and others to talk to them and let them know that they want to learn from them and create some value while they are still around. She also says that we need to understand that they are going through loss and grieving. At the end of the day, they are humans like anyone else and it affects them and their team. Steve mentions ways leaders can close this chapter to be able to do something else and continue with their success instead of looking at this as “pulling the brakes.”

Segment 4

Jane leaves us with a message saying to treat this process like a project and work on it however you feel comfortable doing projects. Set a team of two or three people. Decide whether it's a do it yourself project where your team does the heavy lifting and move forward. If you want a little bit of help, you can get an advisor like herself. Likewise, your team does most of the work. Working on this 15 minutes a week over the time it will take for one’s exit can make a huge difference. Jane also mentions the excitement of the new leader and how these people, whether internal or not, deserve support as well. She also brings out ideas that can get the successor to reinvigorate things that may have fallen over time within the company or practice. When you plan out the best you can, you can take that plan in which 80 percent will work according to Jane when surprises happen. Being empathetic and talking with those who will take the role of being a leader is very important and can be a game changer when helping someone in areas they are not familiar with. Before closing the show, Steve revists Jane’s answers to some of his fun questions. You can connect with Jane and Halford Consulting at, Based out of Alberta, Canada, their phone number is 780-428-5815. You can also visit


00:00:40.550 --> 00:01:04.769 Steven Frey @alwaysfreyday @smbguy: well, hello out there planet Earth and Happy Friday. Tis a gloomy Friday, the thirteenth, here in the northeast, but have no fear. I'm here to spread some good cheer with my special guest. It's Friday, and it's always Friday with me, Stephen Fry, your Smb. Guy. I see. Why am I, or in case you missed it? Smb stands for small and medium-sized business for the last 20 years I've been a consultant for Smbs a voice and a sounding board for business leaders

00:01:04.780 --> 00:01:26.659 Steven Frey @alwaysfreyday @smbguy: and their employees advocating on their behalf whenever I can, I believe very strongly in sharing stories, providing perspective and creating connection. So every single Friday you can find me right here on talk radio Andyc doing just that, lending what's left of my mind and my voice to this radio show where I interview Smb leaders and their trusted advisors.

00:01:26.670 --> 00:01:42.819 Steven Frey @alwaysfreyday @smbguy: One thing that I've noticed over the years, everyone, some of the best thought leadership for SMS actually happens on Friday, just about the time we can all taste that freedom of the weekend coming. However, we're so anxious to start the weekend. I'm going out to dinner tonight. I'm excited

00:01:42.830 --> 00:01:59.870 Steven Frey @alwaysfreyday @smbguy: these crucial pearls of wisdom. They're often overlooked. They're forgotten in favor of our fund weekend activities and our freedom from work here on the show. We take advantage of that weekend freedom and clarity, and we discuss popular topics that are on the minds of Smb leaders and their trusted advisors.

00:01:59.880 --> 00:02:19.120 Steven Frey @alwaysfreyday @smbguy: Once again the name of the show, not just to play on words. My last name means free in German, so it's not an accident. It's not just a play on words. It is Friday, but there is some deeper meaning. Friday, the thirteenth, always relatable to the horror movie. It's it's something that everybody thinks of the guy in the hockey mask. Mass, murderer!

00:02:19.130 --> 00:02:25.509 Steven Frey @alwaysfreyday @smbguy: Biggest thing that scared my family this week was. I made dinner a few times, and although i'm not an experienced chef.

00:02:25.660 --> 00:02:43.480 Steven Frey @alwaysfreyday @smbguy: I do enjoy experimenting with cooking lately, and I did fairly well. I'm not gonna. I'm giving myself a little bit of a pat on the back. I didn't poison anybody. Everyone enjoyed it. It's always harder to prepare for the wife and the kids than myself. If you give me just some of the major categories of tasty brown liquor, I might be just totally satisfied.

00:02:43.490 --> 00:02:51.250 Steven Frey @alwaysfreyday @smbguy: Speaking of which, I read an article this week that spoke about 10 benefits, including health benefits for regular Bourbon drinkers.

00:02:51.350 --> 00:03:10.430 Steven Frey @alwaysfreyday @smbguy: although it came from Go, under a publication called the Bourbon Review, so the credibility might be slightly suspect but one benefit that I didn't they didn't mention. I didn't see in there is that it may actually help ease the pain of our topic of discussion today, which is all about leadership, transitions, and SMS.

00:03:10.440 --> 00:03:20.409 Steven Frey @alwaysfreyday @smbguy: It's Friday, the thirteenth, and the topic of discussion is one that can frighten the Smb owners and their employees just like Jason Voorhiz. The idea of a change in leadership

00:03:20.460 --> 00:03:26.960 Steven Frey @alwaysfreyday @smbguy: anytime. There's a change in leadership, a transition. It creates a certain level of uncertainty. Right?

00:03:26.970 --> 00:03:46.009 Steven Frey @alwaysfreyday @smbguy: Will the new leader uncover and work on the opportunities that will profit the business the most? Will They assemble the right team of folks that can really help the cause? Will the changes be sustainable? Will it be short lived? Will a worthy successor be developed, or will it just be a family member that doesn't really care?

00:03:46.020 --> 00:03:51.870 Steven Frey @alwaysfreyday @smbguy: These questions boil down to one big topic. Will the leader and the company be successful?

00:03:52.250 --> 00:04:03.289 Steven Frey @alwaysfreyday @smbguy: Hardly anything that happens at a company is more important than a high level ownership management, executive type of transition. By the nature of what you're dealing with

00:04:03.300 --> 00:04:12.259 Steven Frey @alwaysfreyday @smbguy: a new leader. Their action, or inaction, or indifference, or whatever it is, it will significantly influence the course of the business, whether it's good or bad.

00:04:12.500 --> 00:04:38.290 Steven Frey @alwaysfreyday @smbguy: In spite of these high stakes. Most of the smbs I've seen. If they're going to go through a transition, they're typically under prepared and under-supported. Well, our special guest today is one who helps prepare and support these leaders during those times. A transition talk is cheap. We're on the radio here. We don't want it to just be talk. The goal here is, let's use the insight on the business landscape and create more impact on Monday. It is far too often out there.

00:04:38.300 --> 00:04:50.750 Steven Frey @alwaysfreyday @smbguy: I see businesses and their leaders focused on products that that are going to solve all of their problems. The shiny new mouse trap, the magic wand. Even their own business looked at as a product and an asset that they've built over time.

00:04:50.760 --> 00:05:01.560 Steven Frey @alwaysfreyday @smbguy: One consistent thing that I see out there is products change every single day, and everything that we do. There's no substitute for surrounding yourself with the right people. First, we all started as people

00:05:01.570 --> 00:05:19.899 Steven Frey @alwaysfreyday @smbguy: keeping a focus on a good, tangible process to help you get where you're going. You do that. The right products will be there. They might change during the process 40 times, but they will be presented when needed. Everything begins and ends with the people. So you have to surround yourself with the right people. I know. I sure as hell did that for this topic today

00:05:19.910 --> 00:05:25.190 Steven Frey @alwaysfreyday @smbguy: our special guest is none other than Jane Howford, founder of Halford, consulting

00:05:25.580 --> 00:05:27.820 Steven Frey @alwaysfreyday @smbguy: in sunny Alberta, Canada.

00:05:27.910 --> 00:05:32.940 Steven Frey @alwaysfreyday @smbguy: So Jane again helps business owners executives and boards

00:05:33.190 --> 00:05:51.820 Steven Frey @alwaysfreyday @smbguy: survive, then thrive when they change leadership by leveraging her experience as a CEO, a board member, an entrepreneur, and a. Cpa Jane brings a breath of experience to the work that she does leadership. Transition has to be a team sport. It can't just be about one person for sure.

00:05:51.950 --> 00:06:00.729 Steven Frey @alwaysfreyday @smbguy: Jane's passion is to empower the teams to proactively plan and share the insight and knowledge with the new leader or leadership team.

00:06:00.770 --> 00:06:17.859 Steven Frey @alwaysfreyday @smbguy: In addition to her business, Jane is an active Member Board member for small medium and large companies, and a nonprofit organization that focuses on making the world inclusive for persons with disabilities. Jane has some fun alphabet soup after her name. She is an Fc. A fellow chartered accountant.

00:06:17.870 --> 00:06:36.949 Steven Frey @alwaysfreyday @smbguy: which really is a designation given to associate chartered accountants after they have fulfilled duties for a certain period of time with greater experience and knowledge in the sector. She's also an Icd. D. Through the Institute of Corporate Directors, and in the current evolving business and governance landscape. This type of designation

00:06:36.960 --> 00:06:42.880 Steven Frey @alwaysfreyday @smbguy: helps leaders be better at what they do ultimately by creating better boards and better businesses

00:06:42.920 --> 00:06:49.569 Steven Frey @alwaysfreyday @smbguy: some interest. You wouldn't expect that she has. She likes to help on her partner's Angus cattle and beef operation

00:06:49.610 --> 00:07:00.009 Steven Frey @alwaysfreyday @smbguy: in her spare time. She enjoys sailing tennis, skiing and walking the dog. She has a new passion and interest which is voice training, which I definitely want to hear about.

00:07:00.020 --> 00:07:16.779 Steven Frey @alwaysfreyday @smbguy: She She claims that she does not watch many movies and the TV she does watch is very embarrassing documentaries in reality TV, but I still asked her my magic questions, and she had answers, She's awesome. She is the ideal person, and likely the most qualified person to speak about this topic today

00:07:16.790 --> 00:07:34.740 Jane Halford - mit

00:07:34.750 --> 00:07:39.669 Jane Halford - superstition to day of success for your listeners. So really happy to be here.

00:07:39.910 --> 00:07:52.450 Steven Frey @alwaysfreyday @smbguy: This topic hits home for me so much, Jane, because I regularly consult with SMS, who are going through some type of leadership transition, and they'll often wait until something horrific happens and reality is

00:07:52.460 --> 00:08:04.480 Steven Frey @alwaysfreyday @smbguy: you. You don't need to wait until there's a maniac and a mask showing up on your doorstep with a machete in their hands. So I love your focus. Tell us a little bit about how you got got where you are today. Give us the founders journey

00:08:05.030 --> 00:08:16.790 Jane Halford - mit Ctl. And I started my career as a Cpa in a private or a public practice, and I served owner managed clients love the clients absolutely, and that's why i'm still really passionate about working with businesses today. 250

00:08:16.990 --> 00:08:25.510 Jane Halford - 9 years into that journey. The firm I was working with was taking a bit of a change in direction. So what does an account do for a second career?

00:08:25.780 --> 00:08:35.559 Jane Halford - Well, I chose to become a regulator of accountants. Now, at the time I really believe that I was going to be the friendly, regular, and make a big difference in the world

00:08:35.659 --> 00:08:50.100 Jane Halford - in hindsight. Maybe nobody likes the regulator. However, it did give me a great opportunity, because I came to CEO at 33 I was 2 levels below the CEO, and so I had this massive step up into the role.

00:08:50.610 --> 00:08:59.470 Jane Halford - I was a female in a male-dominated profession. Suddenly I had a public image and a national presence, and I didn't know how to do any of it.

00:08:59.680 --> 00:09:09.799 Jane Halford - and so like. The only thing I knew how to do was to turn to my board and say, what do you expect? And they're great people, absolutely. But their answer was, basically

00:09:10.300 --> 00:09:12.949 Jane Halford - Do whatever your predecessor would have done.

00:09:13.370 --> 00:09:21.909 Jane Halford - I like the guy he was great. but I didn't report to him, and suddenly I had to find my own way.

00:09:22.000 --> 00:09:34.479 Jane Halford - and then you roll the clock forward 7 years a whole bunch of complex things, different board members, but also board dysfunction, and I gave them 90 days notice, and i'm gonna go on do something else in my career.

00:09:34.750 --> 00:09:37.009 Jane Halford - and they didn't let me tell anybody.

00:09:37.380 --> 00:09:52.580 Jane Halford - So for 10 days prior to my last day I finally was able to say to the person taking over my CEO job. Hey? This is what I think you should do. So I left her in as much as a mess as I arrived, and I felt terrible about it.

00:09:53.180 --> 00:10:07.829 Jane Halford - So once I broke free and interestingly, it's almost 10 years to the day, Steve, that I left that job. So. Ha! This is an awesome anniversary celebration to talk about it, but I was trying to figure out what to do next. I didn't really want to be an accountant.

00:10:07.910 --> 00:10:09.669 Jane Halford - and then I had this kind of

00:10:09.880 --> 00:10:16.980 Jane Halford - failure, I think, as an an exit from a CEO. And I started studying CEO transition, just trying to figure out if I was normal.

00:10:17.200 --> 00:10:33.020 Jane Halford - And I love this statistic. It's proven across 15 years of research it across North America that 40% of Ceos fail in the first 15 to 18 months on the job. That means they get terminated or they leave, and that was before the pandemic.

00:10:33.030 --> 00:10:40.720 Jane Halford - So I thought, Well, I have kind of the failure type things in my exit. So what I wonder if I could build a solution.

00:10:40.890 --> 00:10:49.300 Jane Halford - And I think the final thing to cap off my journey was that I've been a board member for about 20 years. I see leadership transitions from the Board's land that you know what I did

00:10:49.450 --> 00:11:01.739 Jane Halford - nothing because I had no tools. And so that's part of my mission is to help board. Members understand that even small things matter, and I hope that we can close the session today with some top tips.

00:11:02.180 --> 00:11:19.030 Steven Frey @alwaysfreyday @smbguy: So you know the tools is great, and you have so many of them. You know you have a whole resources session of your website, online materials, and all that, and you know. Permit me. I I use this analogy all the time. I've said it in multiple interviews, and it it might drive some people crazy. I don't care. I love it.

00:11:19.040 --> 00:11:26.729 Steven Frey @alwaysfreyday @smbguy: you know it's real easy with our access to information to get a map and a compass to find your way through the wilderness when you're talking about.

00:11:27.250 --> 00:11:36.409 Steven Frey @alwaysfreyday @smbguy: Yeah, succession, planning, exit, planning, leadership transition, whatever. These are serious, serious topics that have a massive impact, and if you just kind of.

00:11:36.610 --> 00:11:42.809 Steven Frey @alwaysfreyday @smbguy: you know, call an audible for it eyeball it, you know, just do it, but you fly by the seed of your pants, Build the plane in the air.

00:11:43.180 --> 00:11:53.919 Steven Frey @alwaysfreyday @smbguy: You're very likely to not have a successful outcome, and that's where you need a guide through the wilderness. Not a map and a compass. Is that how you feel like your position kind of is these days

00:11:53.960 --> 00:12:08.539 Jane Halford - Your business owners that are listing right now. They plan everything else, whether that's their sales or their manufacturing strategy. But they don't plan the transition, which was one of the most important parts. So if we take what they know how to do, and we apply it to this, they'll be successful.

00:12:09.100 --> 00:12:19.880 Steven Frey @alwaysfreyday @smbguy: I can't wait to hear more. We are going to take a quick break. We will. We will be right back with Jane Halford, founder of Halford, consulting in Alberta, Canada. Stay with us.

00:12:23.170 --> 00:12:42.620 Are you a business owner? Do you want to be a business owner? Do you work with business owners? I I'm. Stephen Fry your small and medium sized business or Smb Guy and I'm, the host of the new show always Friday. While I love to have fun on my show, we take those Friday feelings of freedom and clarity to discuss popular topics on the minds of SMS today.

00:12:42.800 --> 00:12:48.910 Please join me at my various special guests on Friday at 11 am. On talk radio. Dot Nyc.

00:12:51.350 --> 00:12:53.559 Are you a conscious Co-creator?

00:12:53.580 --> 00:12:57.810 Are you on a quest to raise your vibration and your consciousness?

00:12:57.840 --> 00:13:17.310 I'm Sam Leibowitz, your conscious consultant and on my show, the conscious consultant hour awakening humanity, we will touch upon all these topics and more. Listen. Live at our new time on Thursdays, at 12 noon, Eastern time. That's the conscious consultant hour awakening humanity.

00:13:17.320 --> 00:13:21.720 Thursday's 12, noon on talk radio. Nyc.

00:13:26.990 --> 00:13:32.049 Are you on edge? Hey? We live in challenging Edgy time. So let's lean in.

00:13:32.060 --> 00:13:56.430 I'm. Sandra Bardman, the host of the edge of every day, which airs each Monday at 7 Pm Eastern time on talk radio dot Nyc. Tune in, live with me and my friends and colleagues, as we share stories of perspectives about pushing boundaries and exploring our rough edges. That's the edge of every day on Mondays at 7 P. M. Eastern time on top radio, Dot. Nyc.

00:13:58.770 --> 00:14:03.900 You're listening to talk radio, Nyc: uplift, educate, empower

00:14:08.540 --> 00:14:09.520 you.

00:14:10.890 --> 00:14:12.060 You

00:14:12.580 --> 00:14:13.160 you.

00:14:13.560 --> 00:14:14.240 You

00:14:36.270 --> 00:14:48.989 Steven Frey @alwaysfreyday @smbguy: welcome back everybody. It's Friday. It's always Friday, and it's me. Stephen Fry, your Smb Guy. Not just me, though we're chatting with my friend from our neighbor to the North, Jane Howford, founder at Halford, consulting

00:14:49.340 --> 00:15:03.909 Steven Frey @alwaysfreyday @smbguy: coach strategist, adviser. However, you want to call it to leaders in transition Big topic of discussion. Something that a lot of times Smb. Owners do not plan, for. They just wait till the day they want to hang it up definitely. Not the the way to do it.

00:15:03.920 --> 00:15:13.730 Steven Frey @alwaysfreyday @smbguy: So if we can for just a moment on this gloomy, frightening Friday the thirteenth, I do like to sit out by my fire pit for just a moment and give a quick perspective on the situation.

00:15:14.120 --> 00:15:28.419 Steven Frey @alwaysfreyday @smbguy: You know this is a big combination of personal and business life. When you get into a topic like this, because it just affects everybody. And as individuals, people want to educate their children, they want to pay their taxes, and they want to retire.

00:15:28.550 --> 00:15:43.500 Steven Frey @alwaysfreyday @smbguy: and you have those 2 big guarantees in life that everyone always talks about. You have to pay taxes, and you have to die. Well, you Don't want Jason Voorhiz from some horror movie showing up at your door and giving you some type of ultimatum on how everything is going to end

00:15:43.530 --> 00:16:00.530 Steven Frey @alwaysfreyday @smbguy: these individual types of desires. They weigh very heavy. In the Smb world. There's been a lack of education for business owners who ultimately want to transition out or retire along with a lack of education for their employees. If the transition is not planned appropriately.

00:16:00.540 --> 00:16:29.620 Steven Frey @alwaysfreyday @smbguy: there can also be massive tax consequences for the Smb owner, and that's why you see a lot of Cpas these days, you know, starting a business advisory part of their practice, typically with a big part of it on succession, planning and mergers and acquisitions. Buddy of mine, John Mcintyre, is a Cpa that specializes in just that. I remember one of his transactions where a client would have had a 7 million dollars tax bill if they did the transition on a whim. And you know, last minute, just when they felt like it.

00:16:29.630 --> 00:16:44.029 Steven Frey @alwaysfreyday @smbguy: But since they had valuable advice, going back at least 3 years before the transition actually happened, they planned everything out. They were able to save about 3 million dollars in liabilities. That's extremely significant, and can make a big difference in somebody's retirement.

00:16:44.180 --> 00:16:55.089 Steven Frey @alwaysfreyday @smbguy: Ideally, you want the transition around retiring to be on your terms than to be retired on someone else's terms, especially Jason voeries. That's never a way to go.

00:16:55.100 --> 00:17:16.349 Steven Frey @alwaysfreyday @smbguy: but many Smbs I've worked with over the years. They consider their business to be the retirement and transition plan just by selling it as a product or an asset that they've created. They create the liquidity to do everything else they want in life. Well, with the right partners advising you, such as my friend Jane Howford, who's no stranger to being in the spotlight and on interviews and all of that

00:17:16.359 --> 00:17:30.720 Steven Frey @alwaysfreyday @smbguy: Mit.

00:17:30.730 --> 00:17:47.879 Steven Frey @alwaysfreyday @smbguy: This is the method part of the show, the science behind what you do with your resume. There's no way we're going to teach everybody all the stuff that you know. But we definitely want to hear more about exactly what you're doing, how you're doing it, and how you're going to market for it. So you got to lay it on us. Thank you so much

00:17:48.050 --> 00:18:02.100 Jane Halford - mit Ctl. And you know, if you think about the typical person that's leaving any of the businesses that are listening today, whether it's the owner, a CEO, a key employee They've got probably decades, maybe many decades of knowledge to pass forward 150.

00:18:02.220 --> 00:18:08.310 Jane Halford - So I think that if we think about that, how do we get that exiting person to start talking.

00:18:08.630 --> 00:18:15.560 Jane Halford - One of the most interesting things in my work is that Most High performing leaders don't think they have anything special to leave behind.

00:18:15.970 --> 00:18:22.579 Jane Halford - And so, from a basic point of view. We just need them to get talking. What's their secret sauce?

00:18:22.830 --> 00:18:28.360 Jane Halford - That might be? How they do their work, it might be who they talk to, to get advice.

00:18:28.430 --> 00:18:44.080 Jane Halford - We just need to get them talking. So I would say, put in front of whoever that is, and maybe it's you. If you're listening, what's the project? Plan to get what's in your mind into somebody else's mind? Or if you get super keen documented and think about it as a project.

00:18:44.090 --> 00:19:01.010 Jane Halford - because if we think about that, it kind of normalizes it, it makes it not so personal. Because, like you said earlier, Steve, these are humans and humans don't want to think about their departure, whether that's leaving the building or leaving the world. And this is one of those sensitive topics. So start with talking.

00:19:01.580 --> 00:19:09.129 Steven Frey @alwaysfreyday @smbguy: Yeah, I mean, it's if we can't talk and we can't tell stories and share experiences, what the hell do we have anymore. It's I really Don't understand

00:19:09.570 --> 00:19:25.669 Jane Halford - absolutely. And one of the pieces that I love to challenge people to think about. And this is one. For how about you? Put this in your diary for next week, when you wonder what happened on Friday, and you can take action on Monday schedule 15 min for yourself or with your key employees

00:19:25.740 --> 00:19:32.359 Jane Halford - and say, if I only had 10 days to turn over my leadership role just like I had in 2,013,

00:19:32.750 --> 00:19:36.629 Jane Halford - what would I say, Who would I say it to? And what would I hand over?

00:19:36.640 --> 00:19:55.080 Jane Halford - That Could be anything from password to key contacts to know how? But if you give yourself 15 min to document that it will make it so much easier because you'll start to realize that you you don't have 10 days to hand it over. You might have 3 years to plan this. You might have 6 months.

00:19:55.090 --> 00:19:58.300 Jane Halford - but it would be better to start with that 15 min of

00:19:58.430 --> 00:20:15.130 Jane Halford - of brainstorming than to have nothing. And of course, if Jason comes and wax you off tonight, at least you would have something to go from. If you are the survivor. So either way, emergency or plan, Take 15 min next week and and write down some of those thoughts.

00:20:15.480 --> 00:20:24.539 Steven Frey @alwaysfreyday @smbguy: It's almost like when i'm telling my kids to clean their disaster of a playroom that they have. That looks like a tornado hit it, or the Tasmanian devil came to hang out with them one day.

00:20:24.900 --> 00:20:43.149 Steven Frey @alwaysfreyday @smbguy: It's like, you know what. Just give me 10 min of clean up 10 min like you guys can get this thing into something presentable where you can find everything in 10 min. So here's the timer, or usually i'll ask Alexa to do it for me, just because that's how they listen to anything these days. But here's the 10 min timer.

00:20:43.210 --> 00:20:44.090 Steven Frey @alwaysfreyday @smbguy: Go

00:20:44.230 --> 00:20:49.720 Steven Frey @alwaysfreyday @smbguy: and like it's same same kind of thing of taking stock of your house when you're when you're running an Smb.

00:20:50.060 --> 00:20:55.850 Jane Halford - absolutely. And the things that create failures for the person that's coming in behind you

00:20:55.960 --> 00:21:06.550 Jane Halford - mit Ctl. And are not the technical side people get hired because they've got great resumes, great experience, but what they fail on according to research, and I know you have some of these resources in the show notes. 150

00:21:06.590 --> 00:21:09.639 Jane Halford - is, how does the organization work?

00:21:09.710 --> 00:21:16.420 Jane Halford - What's the culture here? You know? How do how does the business model work? Who are our alliances and partners.

00:21:16.710 --> 00:21:32.100 Jane Halford - That's kind of the unspoken rules the way things are done here, and those are the pieces that we don't pay it forward. So let's pay for that knowledge, and and whether it's a conversation, even you could just audio record yourself and leave it behind as like 150,

00:21:32.110 --> 00:21:36.910 Jane Halford - you know an audio from the grade, but but pass it forward. That's the key.

00:21:37.740 --> 00:21:57.970 Steven Frey @alwaysfreyday @smbguy: I like that, You said. Pay it forward because my I guess next week is actually the CEO of pay it forward, processing Rene van Heel. So we'll talk about that later right now back to Jane. So you know it Not just you the folks who work with you for you, etc. If you're the owner, let's talk a little bit about the online courses that you do, and the virtual community that you've put together.

00:21:57.980 --> 00:22:09.259 Steven Frey @alwaysfreyday @smbguy: So when you say online courses, I know you have a lot of content. I know you do speaking engagements and all that. But when you talk about successful transitions, and I know this because i'm consulting on on one now

00:22:09.520 --> 00:22:24.969 Steven Frey @alwaysfreyday @smbguy: it it's to do things and make sure you maximize the tax ramifications like I said, with my Cpa like things like that. There's a lot of new ground to cover. If you've been a Cpa practicing for 2030 years, and you don't take Cp credits around this type of topic.

00:22:24.980 --> 00:22:37.930 Steven Frey @alwaysfreyday @smbguy: You might not be best equipped to help clients or prospects with the leadership transition. So tell us a little bit about the online courses. And are any of them eligible for Cpe credits continuing professional education?

00:22:37.940 --> 00:22:45.769 Jane Halford - Yeah, absolutely. And I designed the courses, but of course the pandemic affected all of our businesses, and there were still transitions going on.

00:22:45.810 --> 00:23:00.290 Jane Halford - I kept thinking about busy entrepreneurs, business owners, leaders, and board members, and saying, how can I help them? So I I have some pre recorded courses, but they're all 10 min segments, because I can't pay attention for more than 10 min, so

00:23:00.300 --> 00:23:16.449 Jane Halford - so why don't we do these small segments? You can take them on your phone with you when you walk the dog and just listen to it, because going back to your comment about valuation and taxes, of course every business owner wants to sell for the maximum value. But if part of that value is the good, will

00:23:16.740 --> 00:23:36.309 Jane Halford - you have to leave the good will behind? And so, if you're exiting, and everything is built around you as the owner of the brand. How do we transition that so that you can actually show whoever's buying your practice or your company, that that's actually transition to the new leadership group, and without that it's going to affect your pocket. Look

00:23:36.320 --> 00:23:44.040 Jane Halford - so. That's part of the motivation is to maximize the value, and to demonstrate that over the long run past your leadership.

00:23:44.380 --> 00:23:52.700 Steven Frey @alwaysfreyday @smbguy: It's also to dispel certain myths, too. I mean, there's I don't want to get into a crazy conversation on Value 8. The valuation methodology, because

00:23:52.780 --> 00:24:03.279 Steven Frey @alwaysfreyday @smbguy: there's a whole bunch of different ways of doing that. But a lot of times business owner just has a number in their head, and sometimes that number is predicated on all kinds of crazy things, including

00:24:03.350 --> 00:24:05.809 Steven Frey @alwaysfreyday @smbguy: what might happen in the future.

00:24:05.870 --> 00:24:22.990 Steven Frey @alwaysfreyday @smbguy: and that one always gets me because i'm just like Well, if you're talking to someone about buying your business and a change in leadership, and you're talking about the future prospects of the business. That's cool. But the future prospects are the risk that the buyer is taking on. Not an asset that you're selling them

00:24:23.000 --> 00:24:39.609 Steven Frey @alwaysfreyday @smbguy: so stuff like that always kind of blows, my mind. But when you have somebody like yourself who you can really get a tangible discussion going around all of this. It's very valuable, and that takes me to the virtual community side, because you're in Alberta, Canada. I'm in Minallop, in New Jersey.

00:24:39.700 --> 00:24:50.480 Steven Frey @alwaysfreyday @smbguy: There's no way I would have met you without some of my virtual networking initiatives, and i'm really glad that I did so. Tell us about the virtual community and the and you know how it relates to the online courses and all of that.

00:24:50.580 --> 00:25:07.289 Jane Halford - Well, how easy is it for all of us to get together on Zoom. So that was really the the inspiration is to say that if we can bridge time zones even around the world, let's do that and get like-minded people together. So I like to gather folks that are going through this, and whether it's the leaders themselves

00:25:07.300 --> 00:25:20.669 Jane Halford - or the people that surround that leader, it could be the chief of staff. It could be the spouse of the leader. It really doesn't matter who it is. But if somebody is going to take the leadership on this project. Let's get them together and talk about that.

00:25:20.680 --> 00:25:29.779 Jane Halford - So really, just trying to normalize this transition. Because, like you said, it is very scary. It's intimidating, and people feel frozen.

00:25:29.850 --> 00:25:32.500 Jane Halford - and so we want to unlock their potential there.

00:25:33.040 --> 00:25:52.620 Steven Frey @alwaysfreyday @smbguy: So I like that. You, said the spouse of, you know, operating partners, owners, etc., which, if you get in the tax, you know ramification sometimes. They're just considered owners, anyway, by attribution. But you know, let's let's go into the the world of custom needs and speaking engagements. So even just recently I I dealt with a client that.

00:25:52.630 --> 00:26:09.299 Steven Frey @alwaysfreyday @smbguy: like he's another type of Smb. Guy which I love. He's a a trader by by by history, like a Wall Street guy, but got into the idea of owning his own small medium-sized businesses locally, and owning all the real estate associated with him. So he is all over the place.

00:26:09.390 --> 00:26:26.229 Steven Frey @alwaysfreyday @smbguy: and Great Guy, great head on his shoulder, is very exciting, but you know a lot of the work that I'm doing with him has to be done through not only some of the folks that are in the respective offices, but through his wife as well, because she's the one for the last 15 years of marriage or so that's kept him straight, no matter what.

00:26:26.240 --> 00:26:30.339 Steven Frey @alwaysfreyday @smbguy: But she's the one who's also keeping him straight with all his business initiatives.

00:26:30.350 --> 00:26:49.149 Steven Frey @alwaysfreyday @smbguy: So give us before we jump to break here, you know, because this does delve into the madness a little bit, you know speaking engagements. I know you can speak. I know you. You can do a great interview because we're in one right now, but some of the the customization needs. What people start have started asking you more about to really cater to this world. Give us a little bit of insight on that.

00:26:49.620 --> 00:27:07.459 Jane Halford - Some of the business owners really just want the privacy of a one on one conversation. How am I going to do this? And how am I going to navigate this? You think, for some owners they have their name on the door, and it's going to stay on the door after they leave. So how do they navigate that? Or what if they're handing it over to children and their family that they're worried about?

00:27:07.480 --> 00:27:20.649 Jane Halford - I'm the only one they can talk to and be honest about it, so we can kind of broker that conversation and help them get to the real issues, so they can leave, proud and confident that the business is going to carry on, and that their legacy will carry on.

00:27:21.320 --> 00:27:36.750 Jane Halford - and sometimes that might involve making you the bad guy which I i'm going to go out on a limb here. I feel like you welcome that opportunity. I feel like I can help in that way and take the pressure off of the system, because I can have different conversations with different people

00:27:36.760 --> 00:27:43.159 Jane Halford - and help them See how they're really in this together, even if they feel like they're on opposing sides at any given day.

00:27:43.400 --> 00:28:02.190 Steven Frey @alwaysfreyday @smbguy: It's similar when you know you hire an attorney to defend a your particular position, or to blame everything on, Really, it's like, yeah, it's all my attorney's fault. Just have them quarter back everything but same thing with a business adviser, Cpa person who is, you know, a lot of times looking out for the tax side of things, but someone who can really help with all facets.

00:28:02.320 --> 00:28:16.540 Steven Frey @alwaysfreyday @smbguy: It's just a a little bit more holistic of a look, and every situation that you that you have is going to be different, no matter what, when you're doing a leadership transition. So the fact that you can deal with some of the custom, needs and custom tailoring of the suit that

00:28:16.550 --> 00:28:32.640 Steven Frey @alwaysfreyday @smbguy: we'll undoubtedly need to be done out there is very exciting, but it also undoubtedly leads to a sizable amount of madness, which is what we're going to get into when we come back from this break with my friend from our neighbor to the north, Jane Howford, founder at Halford, consulting. Stay with us everyone 100.

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00:30:35.570 --> 00:30:54.409 Steven Frey @alwaysfreyday @smbguy: Welcome back to always Friday with me, Stephen Fry, your Smb. Guy, we are chatting with Jane Healford, founder of Halford, consulting, based out of Edmonton Alberta Canada. I really hope you guys are listening because this is a big topic. It's bigger now, more than ever following the pandemic. It was big beforehand.

00:30:54.420 --> 00:31:08.309 Steven Frey @alwaysfreyday @smbguy: just with the change of generational workers that was happening, and then it really got kicked into high gear when the pandemic happened. Leadership transition is a common thing. It happens all the time companies merge with other companies. There's a lot of.

00:31:08.370 --> 00:31:22.719 Steven Frey @alwaysfreyday @smbguy: you know, aggregation of resources going on out there a lot of consolidation and and a lot of industries. So you need somebody like Jane by your side, and that's what we're here to talk about. But we're also here to talk about some of the madness that chain sees in her travels.

00:31:22.730 --> 00:31:37.889 Steven Frey @alwaysfreyday @smbguy: So Jane, Madness, part of the show, the artistic observational viewpoints, the stories that you have from the field anything goes no subject to taboo. We're excited to hear about it, because I know that you have been party to a lot of madness in your day.

00:31:37.900 --> 00:31:53.489 Steven Frey @alwaysfreyday @smbguy: and just to kick it off. Not just leadership transition. The other big topic of conversation you have in your collateral is governance transition, and you spoke a little bit about being a regulator in the beginning, and a more of a compliance person, and thought you could be the

00:31:53.500 --> 00:32:05.800 Steven Frey @alwaysfreyday @smbguy: the the friendly ghost of that, and you know, really help people out, but you know nobody looks at it that way. They always look at it as the cops and the authorities so, but a lot of Times governance, and how things are run and managed, and everything it's.

00:32:05.810 --> 00:32:19.970 Steven Frey @alwaysfreyday @smbguy: It definitely leads to a big piece of madness. With this, not the least of which is transition should be sort of like a project plan, and a lot of folks just in general. Don't operate that way. But enough of me rambling on. Let's hear about some of the madness. Give us a taste of your world.

00:32:20.440 --> 00:32:31.860 Jane Halford - Well, maybe i'll go into a bit more of a serious situation which I faced, and it's not one that i'm particularly proud of. But I think it's important for people to understand what's behind my passion here.

00:32:31.900 --> 00:32:38.390 Jane Halford - and it was about 15 years ago, and I was on the board, and I was sitting in a room in Toronto, Canada.

00:32:38.510 --> 00:32:43.479 Jane Halford - and following along with the the CEO's report, and then somebody said.

00:32:43.950 --> 00:32:45.490 Jane Halford - Are you okay?

00:32:46.620 --> 00:32:50.069 Jane Halford - And then I looked up and it was, Are you okay?

00:32:50.780 --> 00:32:54.630 Jane Halford - And I look 2 seats to my left, and our CEO was slumped over in his chair.

00:32:55.390 --> 00:33:05.430 Jane Halford - and so our chair have become the first responder. The paramedics were called, and our CEO was taken away by ambulance in about 10 min.

00:33:05.560 --> 00:33:10.509 Jane Halford - But sadly, by the time I got back home that night he had passed away of a massive stroke.

00:33:10.690 --> 00:33:19.579 Jane Halford - I don't want to share that just because of the drama. But i'm just one human sitting in a boardroom and having my CEO die almost in front of you.

00:33:19.740 --> 00:33:22.130 Jane Halford - And you know what I did to help my board. Share

00:33:22.340 --> 00:33:25.179 Jane Halford - nothing, nothing, because I had no tools.

00:33:25.240 --> 00:33:34.879 Jane Halford - And so I've always regretted what I didn't do in that scenario. So, even by listening to today, or by looking at a few resources next week in your 15 min.

00:33:35.540 --> 00:33:39.940 Jane Halford - When crisis happens, you're one of the people that might be able to say.

00:33:40.090 --> 00:33:47.390 Jane Halford - here's an idea. Why, Don't, we try this? Because in that moment of crisis which of course, I hope your listeners don't face

00:33:47.560 --> 00:33:56.869 Jane Halford - that somebody to give a light and a next step is really important, and that's where I go back to the spouse. I know. Once I was teaching with a group.

00:33:56.890 --> 00:34:10.399 Jane Halford - and the guys stopped me at the break and said: I realized that if I died my spouse has to run this business. She doesn't even barely know where the off is, and I need to phone some friends and say, if I die.

00:34:10.409 --> 00:34:26.530 Jane Halford - call my spouse and say you're going to step in on the business for me until I can find a plan. And that's the kind of reality that our owners don't think about. And so we want to make sure that we're dealing with these issues in a really purposeful, planned way, because

00:34:26.540 --> 00:34:31.630 Jane Halford - we hope they all retire. Happy retirement, golf, and grandchildren, whatever that looks for people.

00:34:31.739 --> 00:34:46.680 Jane Halford - but if it's something on it expected happens. Let's make sure we're ready for it. So that's a a tough story to share. But I think it is part of the reality of being a a an Smb. You gotta be ready for all kinds of crisis, including your key employees, so it may not be you that

00:34:46.690 --> 00:34:51.830 Jane Halford - has an unexpected exit. It could be somebody else that you're highly reliant on. So what's the plan for them?

00:34:51.870 --> 00:35:12.139 Steven Frey @alwaysfreyday @smbguy: Well, one of my secret desires. Jane has always been to be a game show host, not just because, you know, I I like a little bit of cheesiness here and there like not just be, You know, the cheesy way that you remember them. But I like to have fun. I like to test wits and everything, and hearing what you just said, you know, thinking of who wants to be a millionaire and the lifelines out there. It's like phone. A friend is one of the lifelines

00:35:12.150 --> 00:35:25.459 Steven Frey @alwaysfreyday @smbguy: and in serious situations where I've had a board interviewing a prospective, you know, client of mine that's that's a software solution. And it could be the go-to solution for the entire huge company and millions of dollars.

00:35:25.470 --> 00:35:43.449 Steven Frey @alwaysfreyday @smbguy: That was kind of their answer. It's like I have a lifeline to a phone or friend who can, who can help me put together anything that you need? He used to work for NASA. It's like who the hell cares if you used to work for an ass. That's not a plan that's a lifeline that's like a last minute. Oh, crap! I I need help picking up the kids because i'm not going to be home in dime.

00:35:43.460 --> 00:35:46.049 Steven Frey @alwaysfreyday @smbguy: That's not a way to transition a business

00:35:46.320 --> 00:36:05.480 Jane Halford - absolutely, and I think when the owners face their own resistance, and it's because they they don't want to feel like they're irrelevant anymore. Working with a bunch of people going into career retirement. They might have the ideal like vacation plans and things like that. And then they think beyond 2 months, and they feel like they're They're essentially dead to the world.

00:36:05.570 --> 00:36:11.629 Jane Halford - Nobody's gonna want to talk to them. They have no influence. They have no title. They're not going to get invited out to anything anymore.

00:36:11.820 --> 00:36:23.889 Jane Halford - and they don't have a plan for what else they're going to do. That adds purpose. So what they do at their business is, they shut down and go well. I'm not going to plan for my exit. I don't want to talk about it. It is not real for me.

00:36:24.140 --> 00:36:41.429 Jane Halford - and it's gonna take somebody else in the organization to say, hey, Steve, you're leaving. I want to learn from you, and let's create some value while you're here and mentor me share your insights and create some excitement about it because the business owner or the key employee that's going into retirement.

00:36:41.450 --> 00:36:49.810 Jane Halford - They are in total denial, and and I would say one other fun thing for folks to watch for if somebody's actually declared their retirement.

00:36:49.920 --> 00:37:09.159 Jane Halford - there's going to be some strange behavior that happens a couple of weeks or a couple of months before their final day, and it's because they're going through the loss and grieving. And and I've seen everything. I saw a really Macho CEO walking around with a clean X box because he couldn't stop crying. He even cried during the final audit committee meeting.

00:37:09.250 --> 00:37:28.080 Jane Halford - So so you never know what's gonna hit people. I had some other client. He was this lovely, quiet, spoken, grandfatherly fellow, he told me, started throwing golf clubs at the golf course one day he just so frustrated that that his career was ending. So when you spot those very strange behaviors

00:37:28.090 --> 00:37:40.810 Jane Halford - that's lost and grieving, and we just need to keep moving forward. But just to understand. This is a human that's going through a loss, and the team may also be going through a loss, because if this is a beloved leader. They don't want to say goodbye, their friend, either.

00:37:41.330 --> 00:37:57.450 Steven Frey @alwaysfreyday @smbguy: Let's talk about the flip side of that, too. So i'm i'm big on the retirement side. It's a big discussion in my travels and in my career. But let's go to the other side of transition where somebody, you know, maybe due to some poor business decisions might have to sell their business.

00:37:57.460 --> 00:38:10.930 Steven Frey @alwaysfreyday @smbguy: you know, for liquidity, and to take care of debts and obligations, or family obligations, or anything like that, and they are not at the end of their road just yet, but just the sheer blow to the ego of how certain leadership transitions can be quarterbacked.

00:38:11.000 --> 00:38:25.759 Steven Frey @alwaysfreyday @smbguy: They can't tolerate it almost like it just does not compute where. When I talk to somebody who owns a labor, intensive business, where they feel like all of the business, and the asset is their blood, sweat, and tears, that they've not only put in over the years, but that they still put in every day

00:38:26.220 --> 00:38:34.749 Steven Frey @alwaysfreyday @smbguy: they don't think about the fact where it's like. Well, you can do that and get the liquidity event. But if you want to negotiate a three-year contract where you are still

00:38:34.760 --> 00:38:48.870 Steven Frey @alwaysfreyday @smbguy: a leader of the business and the face of the business, and then you take a a back seat to the new owner of the business, you can still be compensated. You could still build your brand a little bit in preparation, for when you inevitably go back out, and

00:38:48.880 --> 00:38:55.340 Steven Frey @alwaysfreyday @smbguy: you know. Do your own type of venture again? It's it's just that feeling it. Maybe it is the lost type of feeling of you.

00:38:55.710 --> 00:39:01.509 Steven Frey @alwaysfreyday @smbguy: It's like they're losing it, and they're never going to get it back. It might just be a temporary fix. It means to an end.

00:39:01.700 --> 00:39:18.579 Jane Halford - and they have to recover and bounce back because they're going to go, do something else in their career. So how can they close this well so that they can actually take a pause and go back into the world and do something else, whether that's as an employee or start a new business so ending well, we'll actually set them up for future success.

00:39:19.190 --> 00:39:35.540 Steven Frey @alwaysfreyday @smbguy: There are so many different aspects to transition, and what what contributes to success and what makes something unsuccessful. But I I saw this graphic out there it was from a a blog in a like a very serious looking study. I it was from a company called Ce. B. I believe.

00:39:35.550 --> 00:39:47.229 Steven Frey @alwaysfreyday @smbguy: and again very, very simple. I don't want to go too far into the weeds with this discussion, although i'll be very candid, though deeper. I've gotten into leadership transition and M. And a. And exit planning and succession planning.

00:39:47.320 --> 00:39:53.490 Steven Frey @alwaysfreyday @smbguy: Oh, my God! There are a lot of designations, a lot of topics of discussion, and a lot of details that

00:39:53.780 --> 00:39:59.809 Steven Frey @alwaysfreyday @smbguy: if you try to go out and find them all on your own, as somebody who's not experienced in this space, it's almost like you.

00:39:59.840 --> 00:40:07.350 Steven Frey @alwaysfreyday @smbguy: You know, when you're talking about an attorney like somebody who represents themselves as a fool for a client type of thing

00:40:07.700 --> 00:40:23.299 Steven Frey @alwaysfreyday @smbguy: That's you. You almost need that impartial viewpoint, and somebody who's really experienced in this type of leadership and governance training. But the infographic was really simple. It talked about the idea of of successful transitioning. And you know that's what Jane, and how for consulting, promote.

00:40:23.310 --> 00:40:36.839 Steven Frey @alwaysfreyday @smbguy: and pure and simple it's like your productivity, goals immediate or over the next 3 years, 5 years, 10 years, Whatever you're looking at, they have a 90% chance of being accomplished. If you do this successfully and well thought out with years of planning.

00:40:36.940 --> 00:40:45.189 Steven Frey @alwaysfreyday @smbguy: and there's, you know, chance of more more engagement. There's less chance of attrition. It'll be like the the the risks of it are minimal.

00:40:45.240 --> 00:40:54.620 Steven Frey @alwaysfreyday @smbguy: Versus, you know, unsuccessfully trying to do it on your own. And I see this a lot with people that just work up until one day and they go. I'm ready to hang it up. Who wants my business?

00:40:54.880 --> 00:41:06.239 Steven Frey @alwaysfreyday @smbguy: It's like there's a lot of lot of things that that go awry with that, You know. I I focus a lot of times on small medium-sized business benefit plans, retirement, plans, employee health insurance all of that.

00:41:06.250 --> 00:41:18.030 Steven Frey @alwaysfreyday @smbguy: you know. It's yeah business. If they have the lights on, they should have a retirement plan in place. The the business should not be the only retirement plan. But when you're talking about real transition and potential M. And a. And all of that 100.

00:41:18.070 --> 00:41:29.060 Steven Frey @alwaysfreyday @smbguy: If it's unsuccessful, your engagement will go down, your productivity will go down, and if you don't onboard and train people appropriately where they get the vision and the message of everything.

00:41:29.470 --> 00:41:33.420 Steven Frey @alwaysfreyday @smbguy: You're gonna have crazy high attrition. Is that we what you've seen out there

00:41:33.470 --> 00:41:48.760 Jane Halford - absolutely, and I think your listener is probably a really driven, you know. Put on the gas kind of people. And so why don't you think about transition as how do we put foot on the gas and drive the momentum of our business through it, as opposed to put on the break

00:41:48.770 --> 00:41:56.070 Jane Halford - or foot off the gas and off the break, and just sitting nowhere, so I would say, accelerate through the transition. Don't slow down

00:41:56.390 --> 00:42:13.629 Steven Frey @alwaysfreyday @smbguy: when you talk about leadership, transition, training versus governance, transition and training. Does it give off an aura of? You know, the leadership is really the more personal side of things and getting to know the business and the owners and the team and the management, and what makes them tick and all that.

00:42:13.640 --> 00:42:21.109 Steven Frey @alwaysfreyday @smbguy: And then the governance side is more about people who don't traditionally do, consulting and project planning, being able to

00:42:21.150 --> 00:42:38.940 Jane Halford - put a plan in place to govern the actual transition and get them to where they're trying to go absolutely. If you think about the M. And a scenario, a good governance, good procedure, documentation, all of that increases value and increases success. So all of that piece should be hand in hand with the leadership Transition.

00:42:39.500 --> 00:42:52.669 Steven Frey @alwaysfreyday @smbguy: I I I couldn't agree more. Great stuff, Jane, love it. You are a carrier of ridiculous wisdom that people I really hope you guys are taking notes and listening. This is just very exciting to me. I get a little overstimulated Sometimes i'm sorry

00:42:52.680 --> 00:43:00.369 Steven Frey @alwaysfreyday @smbguy: we're going to take a quick break, but we will be right back with Jane Howford, founder at Halford consulted consulting out of Alberta Canada. Stay with us, everyone.

00:43:03.580 --> 00:43:08.560 everybody. It's Tommy G, the nonprofit sector connected coming at you by my attitude

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00:45:07.590 --> 00:45:22.970 Steven Frey @alwaysfreyday @smbguy: Welcome back to always Friday with me, Stephen Fry, your Smb guy. We are chatting with Jane Halford, founder of Halford, consulting some great great pearls of wisdom for those out there looking at potential leadership transition with their SMS.

00:45:22.980 --> 00:45:41.030 Steven Frey @alwaysfreyday @smbguy: like like we've discussed along the way for Bulkane and I. There have been situations where people are under pressure and make certain decisions again. Not just Jason, from Friday the thirteenth, pounding out your door. It could be a massive stroke at the table that leads to transition immediately.

00:45:41.040 --> 00:45:47.279 Steven Frey @alwaysfreyday @smbguy: Right? And that's you know, unpleasant conversation that nobody wants to have. But when it comes to, you know, people's

00:45:47.780 --> 00:46:03.950 Steven Frey @alwaysfreyday @smbguy: vision, their success, their income, their employment, their career, all that you don't want to leave all of that up to chance. You want it to be a planned retirement, a planned succession, a plan transition as much as possible, and when you have somebody like Jane by your side.

00:46:03.980 --> 00:46:12.880 Steven Frey @alwaysfreyday @smbguy: There's much more of a chance that that's gonna happen. I have Jane's contact info in the show notes and up on the screen here for those of you watching out in virtual land.

00:46:12.890 --> 00:46:25.599 Steven Frey @alwaysfreyday @smbguy: Jane, this is the message part of the show. This is how we bring it home from weekend insight to Monday impact. The sound bites that you could drop on everyone out there. And I I really want you to run with this because I love everything that you're saying. The biggest thing I could contribute is

00:46:25.690 --> 00:46:28.070 Steven Frey @alwaysfreyday @smbguy: get help. A lot of times.

00:46:28.290 --> 00:46:42.950 Steven Frey @alwaysfreyday @smbguy: People will look at something like this. If there is a cost associated with it, whether it's upfront or it's project based or it's, comes out of the actual money involved in the mergers and acquisitions and of the succession plan of the transaction itself.

00:46:43.080 --> 00:46:50.499 Steven Frey @alwaysfreyday @smbguy: People get gunshy of spending the money just like anything else in their business operating expenses daily life.

00:46:50.630 --> 00:46:51.790 Steven Frey @alwaysfreyday @smbguy: However.

00:46:51.860 --> 00:46:59.060 Steven Frey @alwaysfreyday @smbguy: it can be some of the best money that you spent, even if we just look at the tax example that I threw out there earlier in the mix. But, Jane.

00:46:59.210 --> 00:47:16.029 Steven Frey @alwaysfreyday @smbguy: what are some pearls of wisdom we can leave everybody with over the weekend while they're having some cocktails. If they're kind of contemplating transition or dealing with it at all. On Monday morning they will give you a call, subscribe to your newsletter, join your virtual community, all of the above which we will have links for in the show notes.

00:47:16.310 --> 00:47:22.409 Jane Halford - Thanks, Steven. I would say that if there's one message for the audiences treat this like a project.

00:47:22.460 --> 00:47:37.350 Jane Halford - It is a big, important project for you. So, however, you like to do projects at your workplace, you know, set a team. It could be even 2 or 3 people. Then decide whether this is a do it yourself. Project where your team is going to do the heavy lifting and move forward.

00:47:37.360 --> 00:48:07.340 Jane Halford - and if so there's lots of resources in the show notes. We'll have those in there. If you want a little bit of help. You get an advisor. I'd be happy to advise you, and yet your team does most of the work, and if you really want to outsource most of it, happy to do that too. So it depends on how much time you want to take on it. how much risk there is involved, and I think that's a big piece, especially if you found it a next leader that was hard to find, maybe that somebody who bought the business. But maybe it's somebody else who has some unique skills that actually just

00:48:07.350 --> 00:48:08.909 Jane Halford - he wants to work with the company.

00:48:08.930 --> 00:48:13.850 Jane Halford - And so, really, just thinking about You want small medium or large size of health.

00:48:13.870 --> 00:48:29.479 Jane Halford - and we want to make sure that you take advantage of that, because you know I know I said it earlier. 15 min will matter 15 min a week over the time that you have until the person exits and somebody else arrives, it can make a huge difference.

00:48:29.490 --> 00:48:35.399 Jane Halford - And so Don't don't sell yourself short or don't sell your business short by missing those 15 min.

00:48:35.420 --> 00:48:48.479 Jane Halford - So I think that's a really important one. I think the other piece that we haven't talked about is the excitement of the new leader. Whether that's somebody promoted inside, or somebody that's been hired from the outside. It doesn't matter.

00:48:48.510 --> 00:48:55.299 Jane Halford - Folks from the inside need as much support and leadership transition as they do if they come in the outside, and people forget that the

00:48:55.490 --> 00:48:59.640 Jane Halford - So I was one of those internal promotions, and I needed a lot of help.

00:49:00.470 --> 00:49:19.079 Jane Halford - The new leader has a new person, honeymoon. We've all experienced that in our careers. The new leader at your business has the same thing. They can ask more questions. They can, you know, reach out to to new contacts in their network. And the one I love people to think about is when your new leader arrives.

00:49:19.130 --> 00:49:31.929 Jane Halford - What are some of those contacts that just fell away from your business? Maybe it's related to the pandemic. Maybe you just didn't give them enough attention over the last couple of years. Maybe they used to be bigger customers, and they've shrunk their business with you.

00:49:31.940 --> 00:49:48.720 Jane Halford - The new leader can reach out and say, hey, I know You've been you know, related to our company for 20 years really would love to have a coffee with you, real or virtual. How do we get to know each other? So the new leader can reinvigorate things that have kind of fallen away, and so really wanting to encourage them to

00:49:48.730 --> 00:49:52.680 Jane Halford - to unleash their magic factor into their new role.

00:49:52.980 --> 00:50:11.869 Steven Frey @alwaysfreyday @smbguy: Those are a couple of ideas, Steve, but let me let you jump in.

00:50:11.880 --> 00:50:30.500 Steven Frey @alwaysfreyday @smbguy: Member of the organization, who started out as a bus boy in a restaurant, and now is one of the owners of the company. One of my best friends is is a story like that in a in a restaurant hospitality and leisure group. But just the idea of the elevation to the leadership position

00:50:30.510 --> 00:50:40.969 Steven Frey @alwaysfreyday @smbguy: can bring with it a certain energy. It might also bring some resentment which needs to be navigated, but it's again. You you plant it out.

00:50:41.030 --> 00:50:58.019 Steven Frey @alwaysfreyday @smbguy: and you can't plan out everything right, like even with your professionalism and your experience and the roads that you've traveled, and the extreme immense value that you could bring to somebody who's going through transition and business. There's still going to be something like a surprise. You didn't know that the CEO was going to keel over at the table.

00:50:58.970 --> 00:51:17.809 Jane Halford - Yeah, I didn't think the guy was gonna walk around with the K. X box, either, but it it's those either kind of twist and turn. So if you plan when the pressure isn't as high, then when the pressure gets up or something unexpected happens, you can really take the plan. 80% of the plan will work regardless of the humans that come and go.

00:51:18.070 --> 00:51:32.430 Steven Frey @alwaysfreyday @smbguy: One, that's the gift you give your own business, and you know it's a lot of times when we talk about, you know, stuff like this, as far as expressing the transition, and like to the to the staff and everything, it seems like a crazy example. But I keep thinking of the Wolf of Wall Street, 101,

00:51:32.470 --> 00:51:42.050 Steven Frey @alwaysfreyday @smbguy: You know. You know how Jordan Belford loves to get up on the microphone and talk to talk to the staff. Not every business is like that. Necessarily. A lot of them are might be afraid of their own shadow.

00:51:42.260 --> 00:51:44.129 Steven Frey @alwaysfreyday @smbguy: But the more that

00:51:44.270 --> 00:51:46.190 Steven Frey @alwaysfreyday @smbguy: yeah, you can

00:51:46.280 --> 00:51:54.849 Steven Frey @alwaysfreyday @smbguy: kind of have a united vision as to how everything is going to happen if there is a sole person. That's 100% owner of a business. I get it if they feel a little bit isolated.

00:51:55.070 --> 00:52:13.390 Steven Frey @alwaysfreyday @smbguy: but they don't have to like you. Can. They can have somebody like you working with them, and how to unite the staff and the transition, and how to unite the other organizational leaders. It might be bringing in people from the outside. It might be just recognizing the 2 or 3 top dogs out of a 40 person company that can really help everything moving forward.

00:52:13.590 --> 00:52:29.730 Jane Halford - and there's no perfect candidate. We're gonna hire somebody who's in perfect. So what is that human need to be successful? For me? I needed leadership training to actually understand how to influence at a national level. I also needed media training.

00:52:29.940 --> 00:52:37.669 Jane Halford - Within a few weeks of taking the job as a CEO. I had to do a speech in front of a 1,000 people. I never spoke from a stage before.

00:52:38.220 --> 00:52:43.909 Jane Halford - I've got better since then, but I had to survive those moments. And so, just being

00:52:43.950 --> 00:52:52.899 Jane Halford - mit

00:52:52.910 --> 00:53:09.069 Jane Halford - that conversation is on its own, can be a game changer. So Don't underestimate the importance of even 5 min conversations with either the exiting leader or the incoming leader, and just find small things that will add up to a big success.

00:53:09.110 --> 00:53:23.520 Steven Frey @alwaysfreyday @smbguy: There is no perfect anything. There's only progress. There's only evolution. There's learning something new every day, and I love your discussion about the 15 min, because, no matter how packed Your schedule is, and you know how your calumny looks, or whatever

00:53:23.660 --> 00:53:31.319 Steven Frey @alwaysfreyday @smbguy: you always have 15 min for this type of very important conversation, and it's one of many reasons why, after every episode that I do.

00:53:31.330 --> 00:53:59.280 Steven Frey @alwaysfreyday @smbguy: I have a 15 min conversation with the guests that I just interviewed, in case any pearls of wisdom came out of the conversation, and today is one that i'm very excited, for, because I know that there were some pearls of wisdom that came out today from Jane Halford, of Halford, consulting. I hope you guys were listening and paying attention. Jane, I really appreciate you taking the time to join me here today. This is something that's been on my mind to talk to you about leadership, transition, and SMS for a really long time, so can't thank you and off really appreciate you being here.

00:53:59.380 --> 00:54:05.870 Jane Halford - i'm super passionate about it, and always willing to have more conversations with business owners about their own transitions.

00:54:05.880 --> 00:54:35.870 Steven Frey @alwaysfreyday @smbguy: Before I let you go. We are going to revisit the answers that you gave me to my questions which are: Who is your favorite movie or TV show character? What's your favorite movie, your TV show. What's your favorite musical instrument, and who's the artist? You'd like to hear play it? Jane was not kidding. She does like reality. Her favorite TV show character is Josh Gates from expedition unknown, which is not something that I've gotten into yet, but it seems like one that i'd really like. It's about an archaeologist who travels around the world looking for unknown and missing artifacts from throughout time.

00:54:35.880 --> 00:54:45.980 Steven Frey @alwaysfreyday @smbguy: and it also relates a little bit to Jane, your world at least it does to me because a lot of times when you're talking about transition of either leadership or governance, or both.

00:54:46.000 --> 00:54:48.209 Steven Frey @alwaysfreyday @smbguy: There's a lot of myths involved.

00:54:48.660 --> 00:54:54.570 Steven Frey @alwaysfreyday @smbguy: So, being able to prove or dispel myths very relatable to the work that you do in my mind

00:54:54.750 --> 00:54:59.159 Jane Halford - absolutely. And Josh Gates has a quirky sense of humor, and I love that about him.

00:54:59.340 --> 00:55:04.179 Steven Frey @alwaysfreyday @smbguy: Quirky sense of humor is great. You can get somebody to chuckle just a little bit.

00:55:04.330 --> 00:55:10.019 Steven Frey @alwaysfreyday @smbguy: Little bit of approval lowers the guard that much more. You said Your favorite TV show

00:55:10.030 --> 00:55:32.130 Steven Frey @alwaysfreyday @smbguy: is below deck, and you said you love sailing, so I guess that's not a big surprise follows the crew of a multi-million dollar charter boat in the Caribbean. So that sounds pretty cool to me. I I also love sailing my My my father is a big waterfront type of guy, so taught me how to sail early on when I get a chance it's it's usually one of those once a summer things that I end up doing

00:55:33.620 --> 00:55:40.829 Jane Halford - absolutely, and I and I love being the armchair travel like Guru, so I will watch that show anytime I can get a chance.

00:55:40.960 --> 00:55:55.479 Steven Frey @alwaysfreyday @smbguy: And you know a lot of times you're following a multi-million dollar charter boat You're you're following people who really want to live life to the fullest, whether they're young and wealthy, or they've they're more vintage, and have entered the retirement years. But hey.

00:55:55.490 --> 00:56:06.220 Steven Frey @alwaysfreyday @smbguy: you have a successful leadership transition, a successful Mergers and acquisitions deal a good liquidity event, a good plan moving forward, just able to retire that much more and sale around the world if you want

00:56:06.240 --> 00:56:21.349 Steven Frey @alwaysfreyday @smbguy: you. Said your favorite instrument, an artist, you'd like to hear play. It goes along with your current passion of voice training with Roger Love, American vocal coach based in Los Angeles, who's worked with a lot of singers, actors, and public speakers that we've all listened to.

00:56:21.360 --> 00:56:41.809 Steven Frey @alwaysfreyday @smbguy: He's developed a method, though, for increasing the clarity and confidence when speaking, and that really tugs at my heartstrings, has coached executives and personalities, including Tony Robbins and Tyra banks. Probably the reason that Bradley Cooper and Lady Gaga one there, Grammy was it? It's it's true, but I love it like it's it that You've been doing this actively as of late.

00:56:41.940 --> 00:56:52.590 Jane Halford - just in the last couple of months, and it is amazing. I'm 50 years old this year. I didn't know how to play my own voice as an instrument. And so I am loving this program.

00:56:53.320 --> 00:56:59.229 Steven Frey @alwaysfreyday @smbguy: Awesome, really appreciate you being here once again. Love your passion, love what you do love, how you do it!

00:56:59.600 --> 00:57:01.640 Steven Frey @alwaysfreyday @smbguy: Thank you so much for coming.

00:57:01.740 --> 00:57:04.700 Jane Halford - Thank you, and have a great 23. Everybody

00:57:04.960 --> 00:57:33.640 Steven Frey @alwaysfreyday @smbguy: you as well coming up next week, like I mentioned earlier, we're going to speak with Rene Van Heel, founder of pay it forward processing merchant processing for small medium-sized businesses where every swipe benefits. Charity, great concept, very excited for that conversation. Until then. Thank you for joining us on always Friday. We hope you gain some weekend insight to make a Monday impact. Have a great weekend. We will see you next week. Friday, 11 a. M. Eastern time, right here on talk radio and Nyc. Bye-bye, everyone.

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