5 Things You Need to Know About Exiting Your Business
Starting a business is an exciting process. There's lots of promise, potential, and preparation that goes into the initial stages of entrepreneurialism. Before you know it, you've been in business for over 2o-30 years. At this point, you might be wondering how to take the next step.
Few people know that exiting your business can be just as exciting as the beginning. There's lots to look forward to when you finally hand over the keys and finish this chapter of your life. If relaxing by the pool or lake with your grandchildren sounds more appealing than the daily grind, it's time to start planning your exit strategy.
Here are 5 things many business owners experience when leaving their company:
1. You May Feel Conflicted
You've spent a long time establishing your business. You've invested a lot of money and time. It's normal to feel a sense of uncertainty. Although it was many years ago, think back to when you started your business. You likely felt a mix of adreniline and fear. Leaving your business evokes similar emotions. This does not mean that you should die with your business; it means you're on the brink of a great new experience. Embrace it.
2. You May Feel Impatient
It took a long time to build your successful business. Selling your company is a process that will take careful planning and time to execute effectively. Most exit strategies take months, if not years, to complete. If you plan to leave your business in the next 2-5 years, the time to start planning your exit is now.
3. You May Struggle With Decisions
You will be making tough decisions regarding the future of your company. Even though you are planning an exit, the way you decide to close the door behind you can be a stressful, challenging task. You don't have to do it alone. There are many firms with lots of experience to help you along the way.
4. You May Be Indecisive
A lot of blood, sweat, tears, and resources went into building your company. Leaving is an emotional experience and it is normal to be indecisive. What has become a comfortable, familar lifestyle is about to change drastically. What will you do when you no longer need to sign off on expenses and deal with client dilemmas? Some business owners fear the change of leaving their business so much that they change their minds and decide to stay. However, the best time to exit a business is when you do not "need" to leave. This way, you can leave on your own terms instead of life's terms.
5. You May Be Relieved
Exiting your business is a huge life change. You may feel conflicted about the sale of your business, but give yourself permission to enjoy the next act. Retirement brings with it a host of new opportunities. Without being weighed down by the responsibility of your business, you are free to do anything you want.
Exiting your business is a process. It takes preparation and care to achieve a profitable exit. As with all life changes, the first step is often the hardest. If you plan on retiring from business ownership, the best time to start planning is when things are going well. Have you begun planning your exit strategy?