Mike Warmington, Director, Platform 1

Letting go of your business is often like letting go a piece of yourself. It’s been your life and you have been the business.

Your identity is wrapped up in, and your confidence and self-worth are linked to its success. Staff feel like family and have shared the journey with you and your clients trust you.

It embodies the sacrifices you have made including long hours, missed family time and sometimes financial and emotional stress.

Exiting also means releasing control and direction of something you have built. For some it also involves grieving. It’s emotional as much as a financial transaction.

The emotional side to an exit can often be the reason for delaying the process as you come to terms with the upcoming change you are not sure you are ready for.

“The fact you will exit your business at some stage is inevitable”

 How can you lessen the impact?

Firstly, it’s important to have a plan for your next phase of life before the exit regardless of the exit option you pursue. Prepare emotionally as well as financially.

Not every business owner wants to go “cold turkey” and make a clean break. You can start the process well before you are ready to step out completely.

An option is to start removing founder dependency over time, by bringing in a talented Business Partner who can free up some of your time and allow you to prepare emotionally for the shift.

This person acquires shares over time and can give you the ability to emotionally exit at a timeframe of your choosing while protecting your legacy.

Exiting your business is emotional because it’s not a transaction it’s a transition.