Changing Roles for Business Owners

In your quest to plan for and execute the transition from your business on your terms – know that you will face challenges.  While some are apparent – there will be others that remain subtle and unseen. 

As business owners we have our own misperceptions.  Often, we tend to believe that because we have built this successful company, only we can maintain its success.  We work ourselves to a bone only to possibly discover that even our best efforts may not be enough to assure a successful business transition.

We may suffer from a lack of knowledge.  It can be common for owners to struggle with the idea of removing themselves from their businesses because we are unsure who can help us.  Which resource should we reach out to help us grow valuable and transferrable businesses?  How best to get started?  Start asking the questions – be willing to learn and adapt.

Then there is inadequate time.  Have you been spending all your time in the business – spinning your wheels – getting caught in the weeds not able to step outside the box and work on growing the value of your company and planning?  With a successful business transition taking 5-8 years on average – now is the time to start planning.  By working on your business, you are developing strong strategic practices to minimize the risks in your business – enhance its value and get yourself ready for opportunities.

As business owners, we dedicate ourselves to our business, and knowing we need to change our roles in the business can be scary.  However, you do want to direct the terms of your transition whether it is in 5 years – 10 – 15 – or even longer.  Change is necessary – be willing to make those changes and act.

Your business will appreciate it and your future self will also.

Reward your hard work today by assuring a fruitful tomorrow. A business coach is invaluable for helping you understand the nuances and processes of a business transition. Drop a line, and we’ll get help you finesse a strategy for success.