"a plan of action or policy designed to achieve a major or overall aim."
"put, lay, or stand in a specified place or position."
What do you do when you own a successful company, you're 63 years old, and you want to transition to your son in 2 years?
You set a strategy.
Meet Rick. He was the 2nd generation of a 50+ million dollar company and he was ready to retire. Only problem? Well, he had lots of them. First, his son was only in a middle management position in a little city outside the main hub of operations. Second, his siblings owned a part of the business, and he had an overpaid, aging management. To top it off, he had holes in his personal insurance that would've taken down his business if his wife had gotten into a car accident. He asked his professionals to come up with a plan, but they were unsure how to proceed with all the variables involved.
But Rick was the determined type, and wasn't going to let that stop him.
His CPA brought us in, and we sat down to figure out his goals for the next three years and set a strategy to achieve them.
Two years later, his son is successfully running the company as president with his own management team. The family is taken care of with a new buy/sell agreements, and a newly minted estate plan. Rick couldn't be happier! Now, he's off traveling with his wife without the burden of the company's responsibility on his shoulders.
Rick is a hero to us because he took action, even if he didn't know exactly what direction to steer his business ship. He implemented, took advice, and ended up achieving all his goals.
Don't wait to set your strategy. If you're anything like Rick, your problems won't go away with time. Instead, they'll only get worse. Take action and enjoy the fruits of a problem-solving strategy!