Avoiding Seller's Regret

A study from PwC found that within just 12 months, 75% of owners profoundly regret exiting their business. Building a business, selling it, retiring and traveling is supposed to be the American Dream. So why is it so disappointing?

The answer is that many of these sellers simply were not ready. They hadn't gone through the proper steps to create a successful transition.

Usually, a successful transition is focused on ensuring that you have the proper buyers taking over your company. This is certainly an important aspect, as leaving your baby in the hands of someone who will ruin your legacy feels like letting your daughter marry an abusive schmuck. 

But what is also important - and often skipped over when planning for an exit - is the question of what you are going to do after you exit. What will your days look like? Where will you find purpose? What is going to get you excited to get out of bed every day? Where are you going to be able to invest your talents, energy, experience and passions to make a difference?

Most entrepreneurs spend so many years running flat-out, solely focused on building their business, that they simply assume they will enjoy not having to wake up and go through the daily grind of building anymore. They get excited about the ability to rest, travel, play golf or take up cooking. Then 9 months later, they find that they are bored out of their minds. Building was all they knew; it was the place where they found their purpose.

Don’t exit without having a written plan for what you are going to do during the next chapter of your life… or you will regret it. 

We can help you develop a written plan. Give us a call today.