Emotional Issues Are A Barrier To Planning Your Exit / by Kerri
Emotional issues that business owners struggle with are a major barrier to planning their exit. They are barriers because they are never explored or addressed. I highlighted this in my report, Don’t Murder Your Business. Just to touch on the subject here, the emotional issues business owners struggle with have to do with the fear factor. Here are just a few:
- The fear of letting go. This has been their baby. For most owners, they have identified their lives through their business. Deservedly so. How do they say goodbye to all of that? What is their identify beyond the business?
- The fear of loss of wealth. It took a long time to build the business to what it is today. Once it is gone, owners fear they could lose everything and they need to protect their wealth.
- The fear of loss of control. This is my business. I built it and no one else can run it as well as I have.
- The fear of conflict. For example:
Two of my kids want to be CEO. I don’t want to make a choice and then have to deal with family fights.
My partner doesn’t want to retire yet but needs me to stay in.
My partner wants his kids to succeed us but they don’t have the financial strength to buy me out.
Emotional issues that you could set aside in launching or growing a business need to be identified and resolved in the exit process. Those emotional issues could very well be the actual top reason many business owners do not have a written plan for how to get out and never take action to achieve their reinvention. It is human nature to withdraw from and avoid pain. When left unspecified and in doubt, these subjects compound the difficulty and complexity of exiting your business with maximum wealth for your reinvention.