When business owners say they are thinking of getting out of their business or want to sell their business, I ask them “WHY?”  I hear the same things over and over: I am tired of this, It’s no fun anymore, I liked this business a lot better when…, I don’t know how much longer I can do this.

Research shows the chance of being happy with your business transition is tied a lot more to the “to” than it is to the “from”.  One study done by PricewaterhouseCoopers revealed that without knowing “what to do next”, up to 75% of business owners regretted selling their business within one year.  One of the key goals for a fulfilling transition is to find something relevant to move to, rather than simply going away from the problems of the business, which is very seldom a good reason to trigger your exit.

Most of the business owners I work with have been at it a long time.  They have spent a significant portion of their working careers building their business.  They have put all their energy and passion into growing the business and have made many sacrifices in the effort.  They work hard, most of them typically putting in 50 to 70 hours per week, in fact a 40 hour week might seem like part time for them.  To think you will go from this sort of engagement and responsibility to working around the house is short sighted and probably ends up with your spouse demanding you get out of the house and find something to do.

What is that “something”?  In his book “Half Time”, which I highly recommend for anyone thinking of exiting their business, Bob Buford talks about going from “success” to “significance”.  Channeling  your efforts, and especially all the knowledge and expertise you have gained in your career into something relevant and meaningful as you consider your next step, and the ownership exit from your business is crucial.  When you are considering what this next stage looks like for you Buford also gives a couple of great questions that were posed by Peter Drucker in helping understand what makes the most sense for your next act.

1. What have you Achieved?  This looks at your competencies
2. What do you care deeply about?  This looks at your passions

Consider making a list for each of these questions and then see where the overlap is.  Think of how amazing it would be to take the value of all the experience you have gained and focus on the pieces you most enjoy, and then apply them to something that is relevant and meaningful to you.

Find your joy.  It could be in volunteering, teaching, mentoring, working in another business, or even helping others start or run a business.  Serving others often brings the most satisfaction and fulfillment, especially if the ones you are serving have no way of repaying you for what you have done.

Transitioning from your business is usually not as easy as owners think, and it typically does not happen overnight.  When I am working with a business owner we work on taking baby steps.  We start with some scheduled time carved out of their calendar each week or each day, and then build into more extended time away from the day to day operations of the business.  Many owners have never taken a full week, or may have never even considered taking 2 consecutive weeks of vacation.  The advantages of the scheduled time away are twofold.  First, it forces you to let others assume more responsibility in the day to day operations of the business and forces you into more of a mentoring role.  Second, it gives you time to experiment in different endeavors that may be of interest to you.  Don’t waste the time you carve out.  Actively engage in finding something you are passionate about and see if it holds your interest as you spend more time pursuing it.  Find some volunteer opportunities or organizations that you want to help with and that would be meaningful to you and then make yourself available.  With your experience, you will be amazed how fast you can find a new source of relevance where you can make a difference.

This transition to “What is Next for Me?” is one of the most critical pieces of a successful exit strategy.  Contact me and I can help you with identifying options, and help in putting a plan together for making your second act, equally or even more fulfilling and significant than your first act.

Luke 14:14