Business transitions are emotional events even for those aren’t emotional
We all have an idea of what retirement is supposed to look like: Golf games, travel, spending lots of time with family, NO STRESS... How about painful? Probably not the first thing that comes to mind, but for many business owners, it can be a difficult—and oftentimes painful—experience.
Have you considered what your life will look like after you sell your business?
Chances are, you haven’t, if you’re like most business owners. You’ve probably invested many years of your life and a large portion of your financial resources in your business, taking precious little time off to focus on yourself outside of the business.
You’re probably not used to thinking about yourself independently from the business. Even if you’re getting close to selling your business – you’re still putting yourself last, focusing mainly on the financial aspects of the transaction.
While it may be difficult to see right now, the non-financial aspects and emotional preparation are an essential part of the exit planning process. In fact, the first step in our 6-step Business Transition Planning Process is “Develop Your Vision and Personal Goals” (i.e., get yourself prepared).
Business transitions are emotional events, even for those who are not usually emotional.
Planning for your exit from your business can help provide you with the time and space you may need to envision yourself without your business. It can help ensure that you have a life beyond the company and improve your chances for a positive outcome.
Take That First Step