If you dislike talking about estate planning, you will exponentially dislike talking about succession planning. I have a workaround.
Rather than looking at succession planning as the end game where you are looking at life passing you by and loss of one's purpose, take a fresh look.
Consider looking at succession planning as both an opportunity for value creation of your business, and a life planning adventure for your personal life.
This is a practical path because harmonizing your personal values with the needs of your exit plan can help you gain clarity on:
a) why you are selling your business,
b) how you want your employees to be treated,
c) what you’ll be doing with all the new time available to you.
Here are a few questions to consider by Peter Hickey, Author of One Page Exit Plan.
1- Understand what makes you tick, what are your goals, purposes, and desires for you, your family, shareholders, employees, and even customers?
2- Would you be really happy to exit the business? Will there be any regrets? Examine your personal motivations and have meaningful conversations
on your “life after exit”.
3- Review your personal wealth management strategies both pre and post-exit in light of your lifestyle affordability and the impact
on your mental health and aspirations if you don’t achieve your business value goals.
It’s not surprising that up to 75% of business owners regret selling their business. The owner’ identity is so wrapped up in the business, there was never enough time to grow as a person.
For many, they go through a grieving process. Having clarity on who you are as an individual who no longer has the CEO title, can lead you to a path of inner peace and harmony, which is real freedom.
Ask us for a free copy of our eBook, Orchestrate Your Exit & Succession Plan.
Succession Planning is not the end. It's the beginning.
April 08, 2021