Get ‘SMART’ About Goals

April 1, 2014 09:21 PM

Goals are only dreams until you act

For most families, their goals for succession will fall into the following three broad areas:

1. Maintaining and transitioning a viable operation.

2. Preparing the next generation for leadership roles.

3. Enhancing the family’s long-term financial security.

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Legacy worksheet and business plans

Goals should be written "SMART"—meaning specific, measurable, actionable, relevant and time-bound.

Specific: Most people who suffer bouts of indecision and frustration are handicapped by a lack of vision. If you know exactly what you want, decisions are easy.

Measurable: The objective is either met or not. If not, how close did you come? Will more effort get you there? How much harder should you try?

Actionable: Nothing happens until someone takes action. A person can wish, hope and want all day long, but the only way to accomplish a goal is to take action.

Relevant: The decisions you make and the actions you take determine your success in reaching a goal.

Time-bound: Without a deadline, nothing would ever be finished. Time serves two functions: There must be a sufficient amount to ensure a successful outcome but not so much available that it fosters procrastination.

Set goals and then take the action necessary to achieve your vision of what’s best for everyone.

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