Your Life Beyond Business

What’s the vision in your head?

by Dave Driscoll

I have a universal belief that every business owner has a very personal vision of their Life Beyond Business. The vision can be somewhat detailed, or may only be described as a feeling or peace of mind. This vision is where they go to dream about what could be - how they see their life playing out.

The vision generally ranges from working at their business until the day they die, to splitting their time between managing the business and exploring personal freedoms, to selling the business and totally embracing their new freedom.

All three visions (and any version in between) do require planning and preparation ranging from the emotional to the practical.

The planning needed for the “exit on a stretcher owner” is to inform their loved ones of his/her wish to continue to work until the end. Plan for the reaper’s eventual arrival by writing out how the business is to run, who will be responsible, what the family should do with the business. Working until the day you die without providing any instructions to those left behind is disrespectful and jeopardizes their security. Planning the emotional as well as the practical is your responsibility to ensure the future emotional stability and financial security of your loved ones.

If you envision splitting your time between owning the business and exploring personal interests, realize “the best of both worlds” can be the hardest to accomplish. The continued exposure to the risks of running the business, coupled with the need to delegate decision-making responsibility when you are in your “other world” frequently results in not feeling comfortable in either of those worlds.

Often a family member is the first choice to take the helm in the “two worlds” scenario. One word of caution….you have earned the chance to enjoy life, but the tendency to dump duties on family (or anyone) without the corresponding responsibility is a prescription for disaster. Thinking “I’ll be around to handle the big decisions,” places your anointed one in a no-win situation. Employees assuming that all decisions are still cleared by you will not recognize your chosen one’s authority needed to run the organization, resulting in chaos within the ranks and damaging business performance. Don’t set up your second-in-command for failure. Begin the process of preparing a trusted colleague early. Seek outside advisors’ assistance in this process and if the individual proves not to have what it takes, DO NOT pass the baton.

Selling the business is a more defined process than the “two worlds” scenario; yet don’t underestimate the importance of emotionally preparing yourself for your Life Beyond Business long before you sell. These owners must have dreams, activities, and interests to replace the challenges, energy and empowerment that come from owning a business.

Selling your business is extremely emotional. Many different thoughts go through your head:  What will I do? How will I be perceived by my peers? How will I define myself? Will I be financially secure?

Without emotional destination and desires, your exit from the business could be a disaster. In the illustration, each of the thoughts in the owner’s mind represents space, attention, interest, and self-fulfillment.  Notice the big heart in the middle represents the ego of the owner  and consumes the largest amount of space. Emotionally preparing for the sale of your business begins with developing other interests and personal desires to fill the void. Don’t wait to find these interests until you have sold; that process will become stressful and filled with anxiety, driven by restlessness and boredom.  Having a plan to fill the open space previously consumed by your business will go a long way to achieving your successful Life Beyond Business.

Dave Driscoll is president of Metro Business Advisors, a business brokerage, valuation and exit planning firm helping owners of companies with revenue from $2 million to $15 million sell their most valuable asset. Reach him at DDriscoll@MetroBusinessAdvisors.com or 314-303-5600. For more information, visit www.MetroBusinessAdvisors.com.