The process of selling your business encompasses everything from financial matters to family considerations to the (often unexpected) psychological and emotional effects of suddenly not being an owner. As you shape your plan for transitioning your own business, the following list of articles can help you consider a few of these aspects and how to handle them.
As a business owner looking toward your own retirement, you’re likely aware of the need to prepare your company to run without you. As you hand off the reigns, consider carefully what the generational makeup of your company will communicate to a buyer. This article from Generational Equity sums up the growing issue of brain drain in the marketplace and what you can do to prepare your business to thrive beyond this generation and the next.
Generational differences can be tough to overlook, but stanching the brain drain will likely require bringing on some millennials to ensure your business outlasts your ownership. Tire Business published a series of posts examining the overarching traits of the multiple generations currently active in the workplace. Knowing what you can expect from much of the Y generation can help you define which traits will help your business, which traits to avoid and how to screen for these in your hiring process.
(As a side note, if the very thought of the “everybody gets a trophy” generation makes you roll your eyes, remember not every millennial was happy to receive a trophy inscribed “Participant.”)
Building a business is a long, involved and difficult journey. Signing on the dotted line may signal the official end of your role, but it doesn’t erase the connection you’ve built with your work. Just as you planned for the succession of your business, planning for your life after the sale will help make your own transition smoother. This post from Harvard Business Review confronts the little-discussed issue of transitioning from business owner to retiree, with suggestions for avoiding the emotional fallout.
Transitioning a business demands just as much attention as building one. This Seattle Magazine article covers many of the steps you can expect to take in your transition plan as well as advice for avoiding common pitfalls.