Business Transition Lessons Learned: Get Me Out of Here!
This is the story of one business owner, who thought he wanted to sell his business so he could have more free time, but found out that the business he had built was more intertwined with his personal identity than he realized. His story shows us just how important it is for owners to be mentally prepared to exit their businesses, including figuring out how to separate themselves from the business and determining what’s next.
Background:
Sound familiar? Well, maybe your list does not involve the same plans or toys, but the desire to leave the daily grind of your business may ring a bell. Maybe you’re sick and tired of being sick and tired?
What Happened:
He put his business up for sale, and after about a year on the market, they found a quality buyer, negotiated a deal, and the big day arrived.
Freedom at last, right? Well, maybe for the first month, but his story doesn’t end there.
He was certain that retirement would be just what he wanted and needed. How could it not be? No employees calling in sick, no warranty work, no bad debts, no payroll to make.
But, he was bored!
His business was all he knew. He missed the employees, the customers, the challenge, the grind. He found himself stopping by to see everyone at lunch. He called his old buddies in the industry, but they were too busy to spend much time with him—they had their own businesses to run. He soon realized that the company had been his life. It was his family, his reason to get up every morning.
After a 12-month sale process and anxiously waiting for his freedom, he found himself wishing he could undo everything!
What Happened?
What Should’ve Happened?
Start preparing yourself now … even if you are potentially years away from selling your business.
You have worked so hard to grow and run your business. You deserve to exit on your own terms and achieve all of your goals. Our members exit their businesses when they are ready and improve their chances for making their next phase of life the most fulfilling and best yet. Let us show you how.
To your successful exit,
Jane Johnson