Last time, I wrote about “pruning moments.” I hope you found this to be useful. Maybe you recall some 'necessary endings' of your own or decided to take some decisive action in the near future in support of a long overdue change – your own “pruning moment!”
Will you look at your life differently now, in terms of necessary endings?
Good for you if you said, “yes".
Still, going through a change can be difficult…so, let’s shed some light on why.
Managing Transitions
As the saying goes…one thing in life that is constant is change (Heraclitus).
Throughout my professional career, I have helped clients with various changes in their businesses – start-up, economic growth and recessions, breakups, sale and even complete liquidations of their business. Some changes were more easily managed than others, but by far, the most challenging were those involving the sale or end of their business.
Even before I decided to become a Certified Exit Planning Advisor, I began thinking – how can I help business owners prepare for and manage change in their businesses? If life (and business) changes so much, then why are some instances of change so challenging?
First, the degree of difficulty in change depends on the circumstances. For example, changes that occur continuously (growing older) or that are less relative to us personally (changing the oil in your car) are generally easier to deal with than sudden or more drastic changes – for example, the merger of your company or a move to a new city.
William Bridges, PhD, author of Managing Transitions, Making the Most of Change explains that if you understand the phases of change you can better manage and even prepare for change – whether yours or others.
Transition of any kind starts with an end and finishes with a beginning.
Say What!?
Let me explain.
Transitions can be broken down, according to Dr. Bridges, into three phases:
Ending, Losing or Letting Go
The Neutral Zone, and
The New Beginning
Let’s take a look at the first of these phases.
Ending Losing or Letting Go
We often think of change as starting something new, but in order to better manage transition it is important to understand that “transition starts with an ending.” Think of a change in your life: getting a new puppy, for example, or in my case, starting my new consulting practice. While each of these positive events represents the start of something new, they first involved the end of something else and letting go. Getting that new puppy seemed like a good idea at the time, but you may have had to say goodbye to spontaneity, clean carpets, and not having to share your cup of coffee (which my 2 ½-year-old GSP, Annie, happened to find this morning on the coffee table and helped herself!)
Similarly, when I made the decision to leave my position as partner at a regional CPA firm, I had a difficult time managing my transition even though it was going to be my “next chapter”, my “second act” that I had heard and read so much about. Exciting, right? At the time, I didn’t understand why the thought of leaving my job of 29 years was so hard – I was burnt out and tired of the stress. It wasn’t until later, after reading, Dr. Bridges book, that I realized my struggle was more about endings, losing, and letting go than apprehension about my new beginning.
I struggled with why I felt the way I did.
To help me work through the transition I hired a life coach (Linda) who did a great job in helping manage my transition and working through the endings, letting go, and loss.
As a business owner, you too may be struggling with the end of ownership in your business, letting go of relationships with clients, colleagues, and employees or losing your salary and the ownership perks of being an owner. Not to worry! These feelings are normal and once you understand this important first phase in the transition, you can begin to identify and work through those feelings.
So when you are faced with a change in your life or company and are having difficulty with that change, stop to consider the following:
What is it that is ending for you?
What are you letting go of?
What are you losing?
Don’t be afraid to address these questions. Enlist the help of your spouse or exit planning advisor to help you identify and work through the issues. You will be glad you did.
Stay Tuned!
Next time, we will address the second phase of change; what Dr. Bridges refers to as The Neutral Zone.
In the meantime, let me know how I can help with phase one: endings, letting go, and losing. Please visit my updated website for more information, email me at sheryl@encompasstransitions.com, or give me a call at 970.389.4802.
I welcome your feedback and questions!
Have a great week!
-Sheryl
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ETS Compass is my personal newsletter that provides thought-provoking topics and helpful guidance to business owners looking to navigate change in their businesses. Whether it is value enhancement or transition planning, it is my goal to educate you.
My goal is to provide useful and purposeful information to you that may help you transition from your business.
Author: Sheryl Brake
Sheryl is the CEO and Founder of Encompass Transition Solutions, LLC and former partner of a top 25 national accounting firm. She has been working with business owners in a wide variety of capacities for more than 30 years. Sheryl lives in her home state of Colorado with her husband, Michael.