Looking Out For Number One
Expect to encounter resistance as you consider transitioning your business, whether you are preparing to sell, or set it up in a way that works better for you in the future. It will be like running into the wind as new pressures, issues, and emotions come at you. While preparing for the inevitable – because your business will change ownership one way or another, there will be forces that attempt to maintain the status quo.
The momentum of responding to daily demands will carry you along. There are problems to solve, projects to complete, people to hire, meetings with employees and customers, finances – all the things you’ve been doing for years. Those activities won’t stop to wait for you. Decisions about what has to be done may be fairly simple and straightforward, but may not be easy. There is a risk that you may get so involved that you forget to take care of yourself.
Remember it’s a marathon, not a sprint: a process not an event. Which means you need to pace yourself. Give yourself enough time. You need energy and stamina to do what’s necessary to make this work. You don’t want to run out of steam at a critical moment and give up in frustration.
Carve out time to take care of yourself and encourage others on your team to do the same to enable them to manage the extra stress. You are planning to disrupt their lives. They will have lots of unanswered questions: Who will be my new boss? Will I like and respect them? Will they have new rules and expectations? Will they want to replace me?
Ways to Take Care of yourself:
- Exercise regularly – at least 30 minutes a day
- Eat healthy foods (you know what that means)
- Get enough sleep and rest
- Keep lines of communication open with key stakeholders in your business and your family
- Watch your blood pressure
- Have regular appointments with your healthcare advisors
- Get a massage
- Do yoga and meditation
- Turn these activities into habits that you no longer have to think about
Let’s face it. You’ve worked hard all your life. You’ve burned the candle at both ends. Transitioning from business owner to a non-owner or one who no longer puts in the long hours will be a huge adjustment. Ease into it and take good care of yourself. If you don’t, no one else can do it for you and you will not fully reap the benefits of a successful business transition.
February 3, 2020
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