“All About You !”©
© Your Newsletter from Succession Transition Strategies ©, Vol. 17, No. 1
“A man is not old until regrets take the place of dreams.”
Business Exit: It’s NOT About Retirement
Part 1 of 4: It’s YOUR Dream Transition
You started your career with a dream, a vision of what you wanted to do. Over time you changed your vision to adapt to new realities and evolved your vision into a new dream – your current business. For some entrepreneurs, this is a recurring cycle of life, continuously upgrading their vision to new successes. Sometimes this happens in a rapid succession of events but mostly it is a tedious series of trials, errors and, ultimately, success. This is your business and life today.
Every now and then it pays to take stock of your current situation. Inevitably, you examine the paths you have taken; the hardships you have endured; and the successes you achieved. Now, you have arrived at the point of “What more is in store for me?”
Perhaps you feel you have taken your business as far as you can; perhaps you aspire to take it further but feel that your energy is not good enough to carry through; perhaps you need a different stimulus in your life. Maybe your spouse or family feels it is time to reap your rewards – but you know that any good farmer is always looking to the next crop. After all, you are a bit older than when you started your business but that doesn’t mean you are “old” and past your “prime”.
Now is a good time to evaluate your life, your needs and, yes, your dreams. “My dreams?” you say. “I don’t have time for dreams. I’m too busy working in my business.” However, consider this: you started your business on a “dream”; you motivated yourself on a “dream”; you continue your efforts to “fulfill your dream”. So where are your “dreams” today? Well, they’re right there inside you.
People are born dreamers — we dream of reaching the “age of maturity”; we dream of true love; we dream of things like houses, cottages, cars, planes, money but really it is about ownership, influence, respect, power, reputation and a little bit of immortality. These dreams have the power to motivate certain individuals to excel at various activities to fulfill those dreams.
And each of these dreams is a point of transition in your life. Some allow you to feel a sense of reward and success while others feel as though they are in conflict with your initial objective.
Whichever effect, each has contributed to the overall “you” and has a synergistic effect of value to you. These are what comprise the esoteric or emotive aspects of your life. Therefore, when any advisor suggests just to ignore these feelings because you may become rich, don’t take their advice about this. Emotive “dream” issues are every bit as important to you as the empirical, financial issues are. Maybe even more so. Just ask why only 10% – 20% of businesses currently succeed1 at business transition or why 75% of those that succeed have seller’s remorse2.
There is a way to help change these odds of success and that is by addressing the “soft” emotive issues of your business and your transition while also preparing the empirical materials required. By including a professional evaluation of these values, you can develop a transition plan that prepares you for a new life of significance. All your life you have been a dreamer. Don’t quit now – you have too much still to give to your spouse, your family, your friends, your colleagues, your community and the world. How you do that may be in a different manner than you have previously but it is nonetheless a valuable contribution that may even spur others’ dreams.
Remember this process is “All About You !”.
Our next newsletter will detail Part 2: Getting YOUR “Dream” Transition Team Started
Succession Transition Strategies is dedicated to helping YOU to prepare yourself both emotively and technically to successfully transition your business value into a life of significance. We will guide you through the emotional minefield you will inevitably face, and we can help you with a professional and confidential coordination of the myriad of technical details integral to your business transition. Since one never knows when the ideal opportunity will arise for your Transition, the best way to prepare yourself and your company is to start today! Call us and we will begin the process with you. 613-770-5911; email advisor at successiontransition.com ; or visit our website www.successiontransition.com
1Bank of Nova Scotia, ScotiaBank Small Business Surveys, 2013 & 2015.
2 PriceWaterhouseCoopers, Business Transition Study, 2013
©Copyright of Succession Transition Strategies, 2017. This newsletter is the property of Succession Transition Strategies, Div. Of Dolan Estate Settlement Services Inc. All rights reserved. This material is for information purposes only and assumes no liability for application. Any implementation of ideas is strictly the responsibility of the user. Published 2017. Please contact us via our website for permission to reproduce in part or whole.
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