Consider Your Post-Exit Options
What will you do after you sell?
“Get excited and enthusiastic about your own dream.
This excitement is like a forest fire – you can smell it
taste it, and see it from a mile away.” Denis Waitley.
Early in the exit planning process, you should consider your post-exit options. Experience shows that owners continually defer taking the time to do this type of introspection.
In reality, many owners do not look forward to retirement because they feel like they will lose a part of themselves. In their minds, the business is the owner and the owner is the business. That type of thinking is not conducive to making the right long term decision, nor is it conducive to taking that first step towards developing an exit plan.
Make yourself independent of the business you own
To successfully sell a business, you need to be able to let go and make yourself independent of the business you own. If you truly are the business, and you are irreplaceable, you have nothing to sell. Many business owners have a subconscious fear of not being a vital element in their business. Their personal identity and self-worth are tied to the business. And, as a result, it is hard to even think of stepping away.
Find something that excites you
That’s why you need to consider your post-exit options. What can you get excited about that will enable you to begin the planning process? Are there business, investment or personal growth opportunities that you would like to pursue? Would you enjoy a life of leisure – traveling, boating, moving to the beaches, relocating to be near your grandchildren? Do you just want to relax? Spend more quality time with your family? More romance? Volunteer your time? Take a less stressful job? Obtain a high-paying job, maybe as a consultant?
Change is not easy, especially when your business feeds your ego. It is easier if you can identify activities and goals that will make your transition less stressful. If you can get excited about those goals, then you should be able to overcome the subconscious fear of taking the steps to plan for your exit.
Transition to lesser day-to-day involvement in your business
There are other benefits as well. If you can identify post-exit goals well in advance of your exit, you can transition to lesser day-to-day involvement in your business, freeing up time to further develop your post-exit interests. This can also allow you to focus on the business’ big picture and, in doing so, actually increase the value of the business. Yes, to some extent, the less you are involved in the business – from a day-to-day operational aspect – the more it could be worth.
Consider the goals of your stakeholders
In addition to your personal goals, you need to factor in the goals of others affected by your decisions – your spouse or significant other, your children (and possibly their spouses) and any co-owners of the business. Your exit plan needs to consider the needs and feelings of others.
Consider your financial goals
And finally, you’ll need to determine your financial goals. How much money will be needed to achieve your personal goals, and what is your existing personal financial situation? Are your personal and financial goals in sync with each other?
Another Favorite Famous Quote
“When you discover your mission, you will feel its demand.
It will fill you with enthusiasm and a burning desire
to get to work on it.” W. Clement Stone
Call ColonyRX and tell us what you want to do after you sell. We will get you to that goal a quickly as possible.