Business owners are generally pretty competent when it comes to managing their business, but when thinking about transitioning that business they have no idea where to start. Generally, exiting their business isn’t something in their everyday experience and therefore, they don’t know what they don’t know.
Planning for Transitioning
On-the-other-hand, some may understand the exit process, but even so it’s still really difficult to know where to go for help or how to start the planning process. Although they may be aware it’s in their best interest to plan for the future, it’s always a challenge, given the day-to-day demands of running their business, so business most owners procrastinate and planning usually takes a back seat. However, starting the process early can reap enormous benefits and yield significant returns when they exit.
Giving up your Baby
It’s not easy to give up something you might have been doing for 20 to 30 years…there are pangs of fear and maybe some remorse. It’s almost like having to give up your baby, because you have nurtured it for so long it’s and integral part of your life. Tackling this task can be onerous, and very uncomfortable as you are now about to embark on the final stage of your life…retirement.
Taking that First Step
Planning how to exit and under your terms can make you feel liberated once the process is complete…but you have to take that first step. But, exiting can be very different and mean different things to different people. Personal goals vary and not everyone wants to move to Florida and sit on the beach every day or play golf five times a week. Some want free time to pursue another less stressful activity then again others may want to travel the world.
A Well Earned Retirement
So, exiting your business might feel very uncomfortable, but it’s how, as a business owner, you are able maximize the return on the investment of all of those years of hard work and ensure you can fund your well-earned retirement. You owe it to yourself you’re your family to start planning today.