Conceived on your kitchen table, down the pub, after a particularly frustrating meeting with your boss, or that awful moment when you were told you were being made redundant, your business became your baby ...
Bowing out gracefully, Leaves fall with the gentle breeze, Nature's final bow
For years, you nurtured it, spent long days getting it off the ground and despite the roller coaster of highs and lows, you achieved success. Now, it's time for you to let it grow up and leave you.
Like any proud parent, as well as deciding the practicalities of how best to leave, there is also an emotional charge; a sense of loss, a change in your identity, perceived status or fear that all your work will be in vain!
The choice of subject for my blog post this week is drawn from the conversations I've had, particularly with older business people, that enough is enough; it's time to sell up, close down, move over or move on.
Now, any business advisor will tell you that the time to start thinking about your exit strategy is when you initially start up. That's how you structure the business, manage the finances (both the business's and your own), and build a knowledgeable team around you.
This all facilitates a smooth exit!
The reality is that most small business owners don't do that unless they had grand ambitions in the first place to scale up the business and make millions. Even fewer prepare themselves for the impact that emotional charge may have on them and their decision to sell up.
Now, I'm not an expert in the technicalities of buying or selling businesses, but I have worked with many individuals where these personal emotional responses caused issues with the sale and handover of the leadership of small companies.
I thought I would share a few stories with you. Except for Meeli's direct quote, to protect client anonymity, these stories are composite examples of various clients I have worked with over the years. They are intended to give you a flavour for the range of emotions that arise when people consider selling their business. They fall into four broad categories of types of sale.
Just shut up shop - A common scenario right now, although not many are as lucky as Andrea. She had ceased trading as a consultant after a successful career. She had followed her exit plan and had a good income from her pension. Her partner was still working from choice.She hadn't considered how much of her identity was invested in her business, and it gave her a purpose in life to be in service to others. She also felt she couldn't bother her friendship group as they were essentially still working. So, now she felt pretty lonely and at a loss on how to fill her day.
Straight sale and walk away - Amir - Amir owned a small business, and now aged 62, wanted to sell up to spend more time with his wife. He had a buyer, and there were no complications in the sales process. Except he found himself prevaricating. He had taken on the business when his father had died suddenly in his early 60s. He had also taken on the role of being the main support for his mother until her death a year ago.We discovered through conversation that he had actually copied his father's life plan regarding how he should live his life. But his father had never had the opportunity to retire, so Amir had no model for how to be in that role.
Straight sale and walk away - Margaret - Margaret ran a small boutique agency and sold it to pursue her other interests. However, she stayed in touch with her old staff as they had become friends over the years. They had not taken to the new owners. They would often tell Margaret about the latest 'scandalous' activity and how unhappy they were. As a result, Margaret was considering repurchasing the company. I have been surprised over the years by how often I've heard a similar story.
Stay on as an employee/advisor - A common step in selling a smallish business is for the owner to stay on in the company for a while or even take a permanent position. I've heard and witnessed many examples where this didn't work out for most of them. There are many versions of this story published on Forbes over the years, including this from Meelie Akapl: "I had feelings of betrayal. Although I knew I had decided to sell my business, I still felt somewhat stung by others taking the helm and changing things. In the back of my mind, I'd find myself wondering whom do these people think they are, anyway?"
Stay on as Chairman of the family business - Early in my career as a consultant, I used to buy appointments from a telemarketing firm. This meant that I would turn up to see the company with very little information. I was in one such meeting with the chairman of a small manufacturing company. He had a beautiful, imposing office with a green leather-topped desk. Everything I asked him about his company, he told me it was fine and all covered. Then I asked him why he had agreed to see me. He replied that he was bored. His son, now the CEO, was running the company. He asked if I would like to meet him, as he could probably use some help. He got up and led the way into a bustling, cramped open-plan office, where he introduced me to his son.
What conclusion can I draw from these reminiscences and stories? Firstly, I would suggest you plan your exit strategy long before you need it, especially if you're going to sell.
Set up your business to be robust in managing without you. Most importantly, though, prepare yourself emotionally for letting go, and if you're retiring, make sure you have decided what you're going to do instead.
Not just in using the extra time you are going to have, but in ways that give you fulfilment, a clear identity and friendships outside of the business.
Then you can let your baby grow up whilst you bow out gracefully.
If anything I've written in this blog post resonates with you and you'd like to discover more, it may be a great idea to give me a call on 07970 638857. Let's have an initial chat over a coffee and see how I can help you.
As Artificial Intelligence continues to reshape the workplace, many organisations are focusing heavily on technology itself. Discussions around AI often centre on automation, efficiency and productivity, with businesses racin...
If you're running your own small business, sooner or later, you will go networking. And when you do, you will quite quickly discover that some network groups thrive whilst others flounder ......
Over the past few years, I've noticed a clear shift in how people talk about business, work and financial security. More people than ever are exploring self-employment, side hustles and small business ideas, and it's not just...
My blog post this week shows you how to make networking work for you without forced small talk. It focuses on trust, follow-through, and simple habits that turn professional connections into something useful. The result is ne...
Passive Aggressive Behaviour is a way of expressing negative feelings, such as frustration, resentment or anger, indirectly rather than openly. Instead of stating what is wrong, a person may appear polite or agreeable on the ...
After years of working as a coach, mentor, and referral marketing specialist, one of the most common conversations I've had with my clients has been about visibility. Not the flashy kind, not ''look at me'' marketing. Just th...
Over the weekend, someone shared with me a poster that compared running a business with an iceberg. The author wanted to make the point that all other people saw was the success ......
Thinking about retiring from your business can feel a bit surreal. For many small business owners in the UK, the line between 'work' and 'life' has been blurry for years - so stepping back takes more than just choosing a date...
Many small business owners start their CRM journey with the best intentions. They know they need a better way to manage contacts, track conversations ...
HMRC's move to raise the Approved Mileage Allowance Payment (AMAP) rate to 55p per mile is good news for many business owners and employees. As fuel, ...
AI-based fraud detection is set to help HMRC spot mistakes, suspicious patterns and missed payments more quickly. The idea is simple: artificial intel ...
Many businesses still approach content marketing in a very limited way. They write a blog post, publish it once, share it quickly on social media, and ...
All content on this blog, including but not limited to text, images, videos and audio, is protected by copyright. No part of this blog may be reproduced, copied, distributed, or otherwise used without the prior written consent of the author. Unauthorised use constitutes a breach of intellectual property rights.
Please note that many elements of this blog have been created using Artificial Intelligence (AI). As such, content may not always reflect verified facts or professional advice. The information provided is for general interest only and should not be relied upon as a sole source for making decisions, financial or otherwise. Readers are strongly advised to seek independent advice from qualified professionals appropriate to their country and situation.
The author of this blog, YourPCM Limited, and its directors, employees, and authorised agents accept no liability for any loss, harm, or consequence arising from the use or interpretation of content found on this site.
The sblogit.com platform is provided on an “as is” basis. By continuing to view or interact with this blog, you acknowledge and accept these terms. If you do not agree with any part of this notice, please cease using this site immediately.
YourPCM Limited is a company registered in the UK and operates exclusively under the jurisdiction of the laws of England and Wales.
