As the sun creeps over the horizon, this Friday morning is already different.
No, not because we’re going to top 100 degrees so early in April. No, not because the family left yesterday to spend the weekend at the beach in La Jolla.
This Friday is different because your early morning appointments were re-scheduled, and you really don’t need to be at the office until mid-morning.
Why not enjoy the peace and quiet on your back patio? No one will know you’ve taken a few minutes just for yourself.
As your thoughts drift from your family at the beach to your currently empty office, you can’t stop thinking – what will I do when every morning is just like this?
No scheduled meetings. No excuses to send the family off for the weekend without you.
Every business owner knows the day will come.
They will sell their business to a competitor, strategic or financial buyer. They will transition their business to a key employee or family member.
They could not have to deal with transitioning their business at all. They could be gone and leave those challenges to their spouse and family.
Thinking about transitioning your business is hard.
It’s easy to plan for the next marketing campaign, plant expansion or customer acquisition. It’s just another victory on top of decades of success.
But transitioning doesn’t feel like victory.
It feels like surrender. It feels like defeat. It feels like an ending. It feels like emptiness, sitting there on the patio with no one around and no place to be.
But transitioning your business should be your greatest victory. It should feel like winning a lifetime achievement award.
Why doesn’t it feel that way?
If you want your inevitable transition to feel like victory, you have to make a decision – you have to choose to win.
You need to commit to developing a plan for transitioning your business. Not just a vague conception of the price at which you are willing to sell, but a comprehensive plan for moving on to the next phase of your life.
You don’t need to transition your business this year, next year or even several years from now. But you do need to plan for how you will do it when the time is right as well as have a plan in place if you are no longer around to execute the plan.
Once you have a plan, you can not only feel good about having a business transition plan, but you begin to feel good about your actual transition, whenever you are ready.
If you are looking for some thoughtful discussion of your business transition plan, let’s schedule some time to explore your thoughts and feelings. You’ll feel much better talking about it.
Founder & Chief Executive Officer
Alex has advised hundreds of small businesses on strategic planning, business development and all areas of corporate finance, specializing in helping business owners sell their business or raise capital for growth and acquisition. In his work with business owners, he has found many have done very little planning for an eventual transition away from the day to day operations or out of the business altogether.
As a native Arizonan, his passion is working with and advising local companies and helping business owners gain comfort in their eventual retirement and have the knowledge that when the time comes to sell the business they have a well designed plan of action already in hand, a good idea of what that business is worth, and who the next owner will be. He founded Arizona Business Transitions to assist business owners plan for an exit or transition, even if that transition is not on the horizon.
Alex attended Brophy College Preparatory and graduated from DePauw University – Economics and Management. Member of the Tempe Diablos Charities. He lives in Tempe with his wife Trish and two boys, 10 year old Carter and 7 year old Aidan.