You have spent time building your business, and now it’s time to leave. This wasn’t just a job for you; it was something you put your heart and soul into.
Planning for the transition out of your business can be emotionally taxing. Facing your fears about leaving the business is important. What are you afraid of relative to the transition process? If this is a family-owned business, who stands ready to take over the business? Are you concerned that the next generation is ready to take over the business? What are your concerns about that transition?
It is critical that you focus on having something to go to, rather than focus on what you are leaving behind. Do you know what’s next for you? Have you given thought to the next phase in your life? Planning for the next phase of life with a mental readiness professional can greatly ease the pain of transition. Do you want to have a role in the business beyond the transition or do you want a clean break? How will you define yourself beyond the transition? Too often, a business owners’ identity is wrapped up in what they do. It is important at this stage to unravel and separate who you are from what you do in order to establish your identity.
Exit Planning provides business owners with a thoughtful process (ideally done 3-7 years prior to transitioning out of their business) to successfully navigate their transition out of their business. It involves determining the financial and mental readiness of the business owner as well as readiness of the business to be sold. How do you want to be remembered in your business?