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“Who was I if I didn’t own that business? Who else could I be? Business owners, as they’re preparing to exit their business, are struggling with that same issue. Who are they if they aren’t the owner of this business?” – Denise Logan
As a business owner, have you ever stopped to ask yourself what’s next? Every one of us will eventually leave our work, voluntarily or involuntarily, and the key to a successful exit is about having a compelling future that is calling you toward it. Today’s Finding Brave guest has spent the last decade working with business owners and professionals who are serving business owners, to help them understand what struggles will be faced when it is time for an owner to transition out of his or her business.
Denise Logan knows that to business owners, selling a business is more than a transaction. To them, it is an emotionally fraught period of transition, filled with unexpected highs and lows, with no clear vision of what waits at the end for them and their family. Her passion for this work is colored by her own experience of being an unprepared business owner who made an abrupt and choppy exit from her company, after ignoring the signs that it was time for several years.
She is the author of The Seller’s Journey: A Business Fable about Navigating the Emotional Obstacles to Selling Your Business, and has addressed more than five hundred audiences on three continents about the psychology of business owners and how to make it easier when the time comes to let go.
In this first part of my conversation with Denise (Part 2 airs on July 15th, 2021), she reveals how selling a business is a transition, and not just a transaction. When it’s treated this way all parties win, and the business can be successfully transitioned to its new owners. Most importantly, this can be done without regret. I invite you to join us next week as Denise dives deeper into this fascinating topic that is so important for every single business owner to be thinking about right now.
Highlights from this Episode:
- Denise’s own experience as an owner realizing that she needed to exit her business [6:17]
- Why overcoming burnout as a business owner will require something different than just taking vacation or buying a new vehicle [7:17]
- The reasons she sold her first business rather than hire someone to run it for her, and what Denise says she would do differently now if faced with the same situation [8:49]
- What her transition to a new life looked like after she exited her business and began to “reclaim herself” [13:37]
- How Denise now helps others navigate the exit from their businesses [17:41]
- Where many business owners get “stuck” in this process, and why it’s so important that they realize everyone will need to leave their business at some point [19:20]
- Her thoughts on how to answer the often terrifying question people ask,“So what do you do?” [20:59]
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“Going on vacation or buying a new car, all of those things are not what actually resolves the issue for us. Ultimately, I just realized that to save my life, I needed to [sell my business].” [7:23]
“Like many people, I just kept working harder to work my way out of the burnout, which doesn’t work.” [9:07]
“[I realized] I didn’t have to just use the very same skills that I used before, even though those are skills that other people found valuable.” [17:03]
“The reality is, every single owner will leave their business, either voluntarily or involuntarily.” [19:20]
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