Building and developing a business requires commitment, dedication and hard work. You can feel like a proud and protective parent as your business grows and thrives. I can understand that. And there’s a proud moment when you realize it’s time to let go.Your hard work has paid off and a new chapter awaits you.
But how do you say goodbye Most business owners find this emotionally difficult for a variety of reasons. Some may worry whether they will be able to meet their financial goals. Others wonder how families will be cared for, especially if they benefit or may benefit from the business in the future. It may be what you should do other than the operation. “What do I do with my time?” asked one business owner.
All of these are legitimate concerns, and business owners often get stuck after they should have moved on to reap the rewards of their hard work.
Here are the steps you can take to start creating your exit plan.
Assemble an advisory team
President Franklin D. Roosevelt recognized the need for expertise around him to facilitate major reforms. He formed a tight-knit group of advisors called the “Brain Trust” to make this a success. Each of these advisors provided the best knowledge from their respective fields to help President Roosevelt make the most effective decisions.
Key roles to consider when building your team as a business owner are: CPA, Business Lawyer, Wealth Advisor, Investment Banker, Owner Transition Coach/Advisor.
A note here: make sure you get solid referrals for future team members. Next, when interviewing them, focus not only on their expertise, but also on the energy that makes you feel comfortable and confident, and on their ability and willingness to work as part of a team.
make a plan
Create a migration plan with the help of our advisory team. This should address succession planning in the business, necessary leadership development and transitions, financial planning for one’s business and personal, etc.
Your team needs help with steps and timelines for action, and offers considerations you might not have thought of.
Once you have this plan, your Transition Coach will outline (and role-play if necessary) key conversations you will need to have with key staff, family members, etc. This is where many business owners pause. Be sure to ask for that help.
identify what is holding you back
Even if you decide on your life after retirement, you may hesitate to move forward.
Identify the cause of the pause. Identify other questions that are holding you back and tackle them. It may be the conversation you fear.
Or maybe you don’t know what to do with the rest of your life. Every business owner’s situation is different.
One business owner I worked with eventually confessed, “I’m embarrassed that I don’t want to wake up on my first morning with nowhere to go and no one expecting a solution from me.”
This was a poignant moment for him and I was honored to be able to answer these fears and support him through a plan to help him move forward.
If you find yourself stuck, consider talking to the appropriate advisory team member. They can help you tackle what might be holding you back and embrace that wonderful next chapter.
Patti Cotton is a thought partner to the CEO and his team to help manage change.contact her Patti@PattiCotton.com.
https://www.ocregister.com/2022/11/27/how-to-say-goodbye-to-running-your-business/ How to say goodbye to running a business – Orange County Register