Transition planning for business and emotional readiness
This episode of Succession Stories is one of my favorite interviews because it was recorded in-studio before the COVID-19 pandemic.
My guest, Chris Cynkar, enjoyed strolling down memory lane and sharing his experiences acquiring small businesses through the lens of both buyers and sellers.
Part of our discussion was about owner transitions and readiness. According to the Exit Planning Institute, only 50% of business owners express happiness with the sale of their company. I asked Chris why he thought this was the case, and here was his response:
"I think for all of us, whether we're business owners or not, we go through different transitions in our lives. And if you go through a transition that's unplanned, it's going to be much more painful and emotionally difficult.
I think it's really important for business owners that they not only prepare for the business side of this transition, but that they also have a bigger picture of what their life is and what they want that next phase to be.
Because at that point, they're not going to leave the business with fear and anxiety. Instead they're going to leave as quickly as possible with excitement for what comes next.
And I think that emotional transition, if you plan it well, can be extraordinarily rewarding. And if you don't plan it well, it can be really difficult and anxiety producing."
Thinking about life after your business may seem daunting, but at some point we all transition out of the company we've built. Have excitement for what comes next.