Ask yourself this – who will you be, not what will you do.
Life is full of changes. I still remember my high school English teacher saying, “The only thing constant in life is change itself.”
Selling a business or transitioning it to the next generation is one of these many changes.
So what will be different?
Some changes come with age, some with the seasons, some with a change in values or goals. Some changes impact a person’s identity. Selling a business is one of those.
You are a business owner. Think about some of these other major life events that change a person’s identity.
- Marriage – I was single and now I am a spouse.
- The diagnosis of an illness – I was healthy and now I am sick.
- The birth of a first child – I was childless and now I am parent.
These identity events can be both positive or negative and so can this one: I was a business owner and now I am not.
Whether selling your business will be positive or negative depends on how you answer that first question: The question that impacts if that is a positive or negative experience is how you answer the question: Who I will be after selling my business?
Creating a Next Chapter that Propels You Forward
When asked the question of how they will spend their next chapter, many business owners will say they’d like to spend more time with loved ones, improve their golf game, or travel. All of these are good things, but they may not replace the weight of running your company.
Being a business owner is just a one component of a person’s identity. We don’t assume it’s the most important. As a family-owned business, we understand that business ownership is inevitably tied to one’s own success, providing for one’s family, the sacrifice of time, risk taking and dedication of resources.
Preparing for a transition personally is different for everyone. Here are some areas that we explore with business owners in preparing for the transition.
What do you enjoy most about running your business today? Can you replicate any of your current roles elsewhere? Make a list of the parts of your job that you most enjoy and explore opportunities to use your skills. Examples of this may be:
- Joining a board for a nonprofit
- Considering franchise ownership
- Mentoring executives or other business owners
- Helping your children explore business ownership
Consider these aspects of your life: Family, friends, spirituality, physical well-being, artistic expression, and life-long learning. Is there one or two that stick out most to you? Create and document a plan for what being successful in this area looks like in a given week.
Reflect on the question – Who will you be? When someone asks you at the Country Club or a neighbor walks by and says, “What’ve you been up to?”, what would you like to reply? The first habits you create after you transition your business may likely be the ones you stick to.
We do not take the weight of the emotional toll from a business transition lightly. Some business owners feel confident and steady throughout a transition, others are overwhelmed. Taking time before the “busyness” of a sale to create and documenting a plan that excites you and moves you forward, can relieve some of the stress. If you have an interest in exploring these conversations, reach out to our team today.
