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?
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