Most business owners have dedicated the vast majority of their adult lives to building their businesses—committing years, sacrificing family events, vacations, tee times, and foregoing sleep to follow their passions and achieve their goals. They have succeeded in creating jobs, new products, and a comfortable lifestyle for themselves and their families, giving back to their communities, and contributing to the local and national economy.
Most businesses start out as a labor of love without any thought of how, when, or even if it will end. Not surprisingly, caught up in the day-to-day management of the business, owners forget to ask-and-answer important personal questions that will have a great impact on how they will eventually transfer ownership of the business to others. But, in many ways, a business transition is a life transition. And it’s important that as you exit your business, you transition into something else that engages you.
When It’s Time to Step Away from Your Business
An article in MarketWatch, “Why retirement can be a dangerous time,” highlights research that shows “calling it quits after decades in the workforce jolts people from their routines, and causes them to lose their sense of self… It can cause depression and sickness, and even death, for some, while others might find pressure placed on their relationships and daily routines.” Let’s take a look at some ways that transitioning business owners can buck these trends in order to make the next stage of life their best stage of life.
Not preparing yourself intellectually for retirement “can be detrimental to a retiree’s physical and mental health,” according to the article. And, it’s likely that this can be even more challenging for business owners who are planning to transition out of their businesses because their identity and that of the business often become one and the same.
Determining Your Non-Financial Goals and Objectives
Our lives are multi-faceted and it’s crucial to give proper attention to every aspect as we plan for the future. While the list will vary for each individual, some non-financial objectives you may want to consider include:
• Regaining balance in your life
• Improving your physical health
• Preserving intellectual stimulation
• Increasing volunteer/philanthropic work
• Developing recreational/creative outlets
• Spending more time with your spouse/partner, other family members and friends
• Determining where you want to reside
• Pursuing a long-forgotten or new-found passion
Understanding your focus will re-energize you and provide you with direction as you figure out what your retirement will look like and the best way to transition the ownership of your business.
You have so worked hard to grow and run your business. You deserve to exist on your own terms and achieve all of your goals. Our members exit their businesses on their own terms and timeline and make their next phase of life the most fulfilling and best yet. Let us show you how!
Any examples provided are hypothetical and for illustrative purposes only. Examples include fictitious names and do not represent any particular person or entity.