Southeast Michigan
Have you taken your business as far as you want it to go?
Is it time to transition or retire and enjoy the life you’ve built?
Your strategic plan helped guide you through business successes leading to the exit or transition you’re now considering. But once the end is in sight, there are other details to consider: how you leave, what you leave behind, and how it will affect you financially.
A business transition plan is key to a seamless exit. It also ensures you’re prepared for the next phase of your life.
The off ramp
If your strategic plan is the GPS to your business, a business transition plan is the off ramp. The strategic plan got you here; but where you go from here is up to you.
Your transition out of your business can be as short or long as you decide, but it will be a smoother if you set a timeline and have a destination in sight. Even better, plan who will be taking over, what their responsibilities will be, and when the transition will occur. If you have employees, their financial security may depend on keeping the business running as usual during the transition.
What’s your destination?
And finally, what about you? You can’t just blindly leap into the future. You’ve taken care of or planned for everyone else — don’t forget to plan your own next steps.
Leaving your company may feel more difficult than you anticipate. Make your plans early to ease your own transition when the end is in sight. Think about the kind of exit you want to make. Which way will you go? What will you choose to do?
You put a lot of yourself into building your company. Plan your transition to the next phase of your life with equal care and thought.
Have you thought of everything?
At a minimum, make sure you’re financially ready to leave. A thorough assessment of how your exit will affect your personal financial situation is critical. What will your primary source of income be? How about a secondary nest egg; for example, the equity you get out of the business? Will you be able to support the lifestyle you want?
There is much to consider before you’re truly ready to leave, including issues you may not have considered yet, like:
- Are you prepared to accept that your sweat equity makes your business seem more valuable to you than it does to others?
- Are the buyer’s expectations aligned with yours?
- If you decide to stay on in a less involved role after selling, will you be able to give up control of your company? How will you feel watching others make decisions you would have made differently?
- If you stay on in a part-time role, are you comfortable working a limited schedule?
- Will you be happy walking away?
Tip: Take an extended vacation as a trial run before making any decisions.
Give yourself time to plan
It may take some time to work out the best business transition plan for you and your company. Start early so you have time to figure out exactly what you want to achieve. Take time to personalize your plan to suit your future needs. This is your life, after all!
Start with a phone call
David is an accomplished and experienced business professional who brings over 40 years of insight to the table. As a business coach, he specializes in helping business owners prioritize their needs. He can help you prepare to transition into this next phase of your life, whether you’re moving on to another business or planning to enjoy a leisurely retirement.
It all starts with a single, free conversation. Call 734-726-5208 today for a free coaching session or contact David through the website. Your life is waiting!