Small Business Succession Planning Strategies

Small Business Succession Planning Strategies

Transferring Ownership to Financial Independence

Selling-Succession Methods versus Emotional Needs

Understanding That The Emotional Has To Be Accounted For (Part 1 of 3)

The ownership of a business for most of us is not an antiseptic event.  We’re not cold-heartedly making an investment and then selling it off when it is at the right point to maximize money.

If you’re like most business owners, you’ve spent a good part of your adult life in your business.  And you haven’t been going through the motions all those years.  No, you’ve invested your mind, body, and soul into your business.  For many of us, we’ve spent more time…a lot more time…with our business than we have with anything else in our life.  What does this mean when we start seriously thinking about how we want our business life to end?

To me it means that we have to consider how this transition is going to affect us emotionally.  I mean really are we going to just completely drop what has dominated our life for all these years and think that we will go on as if nothing has happened?  I think not.

If you are wise about this, you will acknowledge and not reject that the transition out of being an owner is going to be tough.  In terms of your personal small business succession planning strategies and selling tactics it means understanding that each of the primary methods of creating financial independence from your business has its own particular emotional repercussions.

In my next post, we will go into these in more detail and look at a process you might use to deal with them.