To Get Out of Your Business – Don’t Get Emotionally Stuck in Your Business / by Kerri
Most CEOs go into business because they are very good at something and/or they love it very much. They put heart and soul and an overabundance of sweat equity into the business they are passionate about. Over time, the business can and often does consume them, their life, and their identity. They become one with the business.
This emersion in the business is essential for the business to survive and become a thriving enterprise. So to an extent, it’s very very good. Up to a point.
This commitment is essential to building the business, establishing the culture, building out the team to run with and establishing a clear value for the business. But this oneness with the business can cause damage as you start to consider when and how to get out of the business.
CEOs put on blinders that can actually set them up to sabotage or murder their business. In fact, over 95% of all business owners still do this. One of the biggest blind spots for CEOs is how emotionally attached they are to the business which can make it very difficult to exit or sell the business.
You are emotionally stuck in the business when:
- You can’t let go enough to take a vacation never mind ‘retire’
- You have no identity, social life, purpose outside of the business
- You can’t delegate day to day operations because no one can run the business the way you do
These are just a few of the red flags that you might be emotionally stuck in your business, not prepared to move on, never mind exit the business. First recognize how you are emotionally attached to the business, then identify why. Only then will you be ready to make the changes to reposition your role so you can get out of your business. It takes conscientious, diligent hard work to make the transition to actually get out of your business.
The easiest way to start is with a plan for what’s next. Brainstorm on ideas/possibilities/opportunities of what’s next for you when you do exit the business. Do they include a new venture? an adventure (solo or with family)? an avocation, service or hobby? Then explore what has to change in the business to free you up so you can get out of your business and pursue/fulfill these latent possibilities and opportunities.
To get out of your business, you need to get emotionally unstuck from the business and emotionally charged up about your next reinvention.