How Your Personal Goals Impact Your Exit Plan – Part 2

In my last post, I shared the story of a personal services business owner that was having trouble selling his business. Over a period of 10 years the owner had engaged in several succession attempts and two sale attempts to no avail. After I worked with the owner to uncover his true personal goals, it became apparent that he not only “lived to work” but that there was very little incentive for him to change his current processes through being aquired or succession.

An Unusual Course Of Action Illuminates His Goal

I suggested an unusual course of action. I recommended that he talk to his clients about the prospect of him ultimately not being with the business.

To his surprise he found that most of his clients had already decided that they were going to stay with him until he died or could no longer work, then they were going to find a replacement on their own. He did not have to worry about his succession because his clients were arranging their own succession plans. My client was now at peace with himself. He understood that he wanted to die working and was able to proceed on that course. He knew his goal and had attained it.

Conclusion

Are you in tune with your requirements for success or are you using others’ criteria of success, the criteria of our society and culture. Each business owner is an individual, a complex combination of forces and characteristics. The adage, “know your self ”, is critical to you, the individual business owner, if you are to achieve ultimate satisfaction and reward from your business. Going through a process that identifies your different facets as a person who works, a person with a life away from business and as a person with a major financial investment in a single business will help illuminate your unique path to success.

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