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Exiting Gracefully – Face the Fear
April 21, 2008
I just finished my tax return for 2007, wrote checks for the balance due, and then wrote checks for the 1st quarter estimate for 2008. Now that was painful!
From my experience in working with business owners, exiting the business is similar to paying taxes - PAINFUL, and in many cases more painful than stroking those checks. I’m reminded of an experience I had in a family-owned bank just a few weeks ago, where I poked my head in the door of the 86-year old patriarch’s office to find him taking a nap. And, buddy, this was no power nap. He was mouth-open, sawing-logs, napping! Now, what exactly is he doing to help the business be more productive?
So, I’ve asked myself, why is it so difficult for some business owners to pass on the baton and exit gracefully? Well, there are a plethora of reasons that range from not knowing what to do with your life beyond your work to irrational beliefs about family successor abilities. But whatever the reason, they are all rooted in fear. That’s right!
You big, powerful, mighty tycoon that you are – You’re afraid!
What might you be afraid of?
- Death
- What life looks like without work to go to everyday
- The family blowing apart if you don’t stay in the role of control rod
- Compromising your financial security
- Loss of control
- Conflict with your spouse
- Regretting a decision
- The unknown
In order to exit gracefully from the controlling owner’s role in the business, the first thing you have to do is:
Recognize and Face Your Fear.
The mortality rate for human beings is 100%. It’s not a question of if…it’s a question of when. Now, you can continue to stay in the saddle until you die, but you might kill the horse if you do. So, let’s put on your big boy britches and recognize and face the fear. If you don’t, your exit from the business will be anything but graceful.
Posted by Jeff Faulkner on April 21, 2008 | Comments (0)
