Succession Planning: A Personal Story
Last week we announced that Trek Principal, Michael Oleksak, has joined State Street Global Services in Boston. This opportunity pulls together all the threads of his career in banking, sales, portfolio management software and consulting. It’s a wonderful opportunity. And, as Michael’s business partner, co-author and spouse, I am really excited for him.
Losing Michael will be a big change. Anyone who knows him knows that there is no replacement for his infectious enthusiasm, endless energy and great ideas. Our clients and I will miss that. But I’m happy to report that we were actually more prepared for this transition than you might think.
That’s what makes this a powerful moment for our company. Over the past ten years, we built a body of intangible capital that made Trek more than just two consultants. Beyond this human capital, we developed:
- Structural Capital - Including our IC Value Drivers measurement system, Trek to Success change management program, Intangible Capital book and years of exit planning articles, intangible capital articles and newsletters (notice that this is Issue # 95).
- Relationship Capital - Trek co-founded the Exit Planning Exchange which now has five chapters on the East Coast of the U.S., the IC Knowledge Center which has 350+ members from around the world (would love to have you join too!). The firm also has a strong presence on social media including Twitter profiles for ourIntangible Capital and Exit Planning networks.
- Strategic Capital - To date, our business has used a classic consulting model based on fixed price projects. We have been exploring a number of alternatives to add on more scalable product-based revenue sources in the coming years.
As consultants to private business owners, we often ask the question, “Can your business survive without you?” It’s the ultimate test, a significant differentiator that translates into increased exit value for a business. The key is always maintaining a balance between these critical intangible capital components: human, relationship, structural and strategic capital. Such a balance brings sustainability as well as to innovation, performance and value.
I’m excited to continue to build Trek with your help. I plan to continue this newsletter and our various blogs, websites and communities. I hope that you will continue to share our firm’s Trek to Success.
