...and how it may be a lot like yours.
After almost 30 years of working in public accounting for the same firm, I found myself burned out and wanting more from my career. I had a successful career, had made partner and good money, but I was no longer happy. And even though I enjoyed my relationships with clients and staff, I knew I needed a change. The thought of leaving a secure job and a regular paycheck was, well, frightening. Sound familiar?
So, I began doing some reading – actually, a lot of reading – looking for the magic answer. I had so many unanswered questions. Why was I afraid to make a change? Was it normal to feel this way? What was I afraid of – really? What should I do? Would I be okay financially? Should I get another job or start my own consulting practice? Well, you get the idea.
What I discovered through my reading and with the help of my wonderful life/career coach, Linda (yes, it is okay to ask for help) was the following:
Life is full of endings
Changes are hard, but manageable
Having help along the way is okay
Having a map on how to get there is better than no map at all
It also got me thinking that as a business owner, you might have a lot of these same questions and feelings about exiting your business. Do you lie awake at night (as I did) asking yourself the following questions?
Where and how do I start?
When is the right time to exit my business?
What is my business worth?
What if my business isn’t worth enough?
Should I sell my business to a third party or to my employees?
How do I ensure I take care of my family?
What are the tax implications of selling my business?
Can I minimize the tax burden?
What will I do after I transition out of my business?
Based on what I went through in getting to where I am today, I get it! Your business is your baby, your life blood and you may have put years into building into the business it is today. Maybe you have key employees who have been by your side every step of the way. Or maybe there are family dynamics to be addressed. These are all good questions and ones you should be asking.
Stay tuned. In the coming months we will go more in depth with each of the above and how it relates to transition from your business.
Have a specific question about the transition from your business? Please feel free to email me with your questions – I am here to help!
Feel free to forward this to someone you think may find this helpful.