Probably like everyone in XPX, while in conversation with other professionals, I’m commonly asked “Who’s your biggest competitor?” I usually respond: “Inertia!” I know that may sound like a flippant joke, so I politely pivot and give kudos to the other good practitioners in the ESOP advisory business and say they are more friends than competitors. However, my first answer wasn’t really a joke. Inertia most often is the biggest competitor to us advising on business transition. Despite the obvious inevitability, doing nothing or putting off planning for transition is by far the most likely decision owners make regarding our advice. Patience and persistence seems to be the only response. Inevitably, the business will transition, and inertia will lose the competition.
Any thoughts from the peanut gallery on how to overcome inertia?