In the dynamic business world, a problem often lingers in the shadows, only to emerge as a haunting regret for many business owners.
This issue revolves around the poignant realization that, upon selling their businesses, they hadn’t sufficiently considered their personal drivers – those intrinsic motivators that extend far beyond financial gains. In this blog, we’ll delve into this problem, and envisage the transformative outcome with the solution in place.
The Hidden Problem Facing Business Owners
The problem is evident in countless business sale scenarios.
Owners, driven by the allure of financial success, embark on the journey of selling their businesses with a singular focus on the monetary aspects. They often neglect the profound personal connection they have with their ventures, underestimating the emotional and psychological impact that follows the sale.
Regret seeps in when they realize their decision to sell didn’t align with their deeper sense of purpose, identity, and fulfilment.
The Impact
Consider the story of a successful structural steel manufacturing owner, Doug Sullivan. After years of dedication and hard work, Doug puts his business on the market to sell, and it changes hands.
New owners inject fresh ideas and strategies, driving the company forward.
While this change may seem like a triumph, Doug is now distanced from the business and faces a significant impact.
The financial gains pale in comparison to a deep sense of loss. An identity crisis ensues as the once-vibrant connection to the business fades. Regret settles in like a persistent shadow, casting doubt on Doug’s decision to sell.
What's the Real Issue?
The crux of the issue lies beyond financial considerations. It’s rooted in the understanding that a business is more than just a profit-generating entity. It’s an integral part of an owner’s identity, built over years of dedication, perseverance, and passion.
When personal drivers such as purpose and identity aren’t adequately integrated into the business and then considered well before the sale process, the consequences are far-reaching.
The business owner is left grappling with a profound void, questioning their decision to part with an entity that was, in essence, an extension of themselves.
Ta Da! ... the Solution
The solution to this pervasive problem is to undertake master planning … and do it well before considering a business sale.
Master planning involves comprehensively exploring personal drivers, aligning them with financial goals, and creating a roadmap for a successful transition.
By embarking on this journey years before contemplating a sale, business owners can ensure that their personal factors are not overlooked but quite the opposite. Instead, these personal factors form an integral part of the growth of the business and its ultimate sale.
After all, the business should be a tool for the Owner’s goals … not the other way around where the Owner is a tool for the business’s goals.
How You Will Benefit
The benefits of this proactive approach are many and various.
Business owners who undertake master planning experience unparalleled clarity and peace of mind during the growth journey of the business, as well as during the sale process.
Their personal drivers are seamlessly integrated into the growth and exit strategy, creating a harmonious transition that minimizes regret.
With a well-thought-out master plan in place, owners can confidently move forward, knowing that they’ve considered their deeper motivations, leaving no room for post-sale remorse.
Your Transformation
With the master planning solution, the outcome is nothing short of transformative.
Business owners not only secure a business they love to work in but also a future successful sale that preserves their sense of self and purpose.
Their business legacy continues to thrive, even as they gracefully step into new adventures. The regret that often plagues those who overlook personal drivers is replaced with a profound sense of fulfilment, knowing that their decision to sell was aligned with their true purpose.
So the regret that often plagues business owners after a sale can be avoided through meticulous planning.
Start your master planning journey now, diving deep into your personal drivers, and ensure that your business (now and into the future) is not just financially rewarding but also personally fulfilling.
The information contained in this article is general in nature and is not legal, tax or financial advice. Contact a lawyer or a tax or financial professional for information regarding your particular situation. The information in this newsletter is provided with the understanding that it does not render legal, accounting, tax or financial advice. Clients should consult their legal, accounting, tax or financial professional in specific cases. This article is not intended to give advice or represent our firm as qualified to advise on all areas of professional services. Master Planning is a discipline that typically requires the collaboration of multiple professional advisors. To the extent that our firm does not have the expertise required on a particular matter, we will always work closely with you to help you gain access to the resources and professional advice you need.
Any examples provided are for illustrative purposes only. Examples may include fictitious names and may not represent any particular person or entity.
