When you meet business owners interested in preparing their companies for sale, ask them, “Relative to selling your business, do you know how you define success?” Business owners need to decide what they really want.
How Do You Define Success?
- Making enough money to retire and not worry about running short
- Working for the company but without the ownership responsibility
- Making sure all loyal employees get a bonus and keep their jobs
- Make decisions about your future quickly and not have it drag on
Other Ways to Define Success
- If you’re planning your exit, how much money would a worry-free retirement take? What other savings or assets do you have?
- For how long and in what role do you want to work?
- How quickly do you want to make changes?
- When do you want to start?
But, those represent mostly rational factors and logistics, and we know emotional reasons provide us with a stronger motivation for change. So look even deeper. What do you really, really want for your life?
Creative Retirement Ideas
- A cottage on a lake so you can relax and have quality time with your kids and grandkids
- A sailboat so you can explore the islands and feel free in the sun and the wind
- A red Ferrari that you can show off to your old schoolmates who thought you were a nerd
- A trip for your whole family to Africa
- A chance to drive your RV from here to Costa Rica
- Winning the over 65 category at the Boston Marathon
- Donating enough money to get your name on a plaque at a hospital. Maybe you want to be remembered as a person who gave back to the community
Only you can determine what your values are and decide whether they align with your stated goals and sub-goals. Here is a great article on 30 tips and tricks to do when you retire.
If you are the business owner, successfully selling your business is a great goal. It’s one every business owner should have – even if it is several years away. And if you want to get motivated to start the process, it’s better if you figure out now what you really really want.
Contact TAC for help if you’re still deciding how you define success. It might be defining a better strategy, building your leadership team, so you have the opportunity to step away from the business more frequently, or developing your sales team to grow your business. The best time to plant a tree is 20 years ago; the second best time is today!