How Your Personal Goals Impact Your Exit Plan

Knowing Your True Personal Goals Sets The Stage For Business Success

Without A Goal You Can Not Measure Success
When I encounter someone in the situation described above, they are not able to articulate what their personal, individual goals were when they went into business. Many may be able to quote what they have read related to business success. But those are not their personal, individual goals. When you can specifically identify what you want, you can measure whether or not you have attained it.

A Case Study – Thinking Outside of the Box
I had a client who was the owner of a personal services business. He had been in his industry for many years and loved what he did. However, he was in his 70’s and had received advice from numerous sources that he should either develop a successor within his business or sell it. By the time I met him he had gone through 10 years of trying to resolve this issue. He had found three individuals as potential successors, but all of them left the business. He had also made two attempts to sell the business. In both cases, the deals failed to be consummated.

I went through my process of uncovering business owners’ personal goals and objectives. A number of cogent items came to light. Not only did he love his work he lived to work. His free time, his vacations all revolved around activities related to his work. In addition, at his age he had no interest in changing his mode of operation whatsoever. Finally, money was not an issue. He had accumulated funds for he and his wife. No wonder he found that he was being turned off by the prospect of change related to being acquired or bringing on a successor!

Next week, I’ll share the unusual course of action I recommended to illuminate the client’s true goals. In the meantime, how do you feel about leaving your business?

 

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