Think Beyond the Exit
Instead of beginning your succession conversation with:
“How do I get out of my business?”
Consider starting with a different question:
“What do I want my business to make possible for me?”
That change in perspective can open up a very different conversation.
Because ultimately, succession isn’t simply about leaving something
behind. It’s about making deliberate decisions about what comes
next—for you and for the business you’ve built.
Thinking About Succession but Not Sure Where to Begin?
Start by getting clear about the outcome you want. From there, you can
begin identifying the path that makes sense for you and your business.
You may be thinking, “I don’t know what outcome I want.”
If so, approach the question from a different direction.
“What is important to me?”
Your answer might include one or several of the following:
Feeling Like a Winner
Do you want all those years of hard work reflected in a number—the
price you ultimately receive for your business?
Leaving a Legacy
Do you want the business to continue contributing to your
community long after you are gone?
Keeping It in the Family
Did you build the business in large part to support your family,
and want it to continue serving that purpose?
Achieving a Lifestyle
Is it time to enjoy the fruits of your labor, with enough
financial resources to support the life you want?
Attaining Financial Security
Do you want the transition to provide enough security that you
no longer need to worry about money?
Providing for a Cause
Do you have causes you believe in and want to support with some
of the value you have created?
It is highly likely that you may want more than one of these.
That’s okay. What matters now is getting a clear initial idea of
what is important to you.
Once you have this list, you have the first piece of your
Intentional Succession Design.
The next step is to refine what you want and look at what it will take
to achieve it.