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“Whether we are retiring, selling a business, or we can no longer work because of an illness or caring for a family member, we will all leave our work. So how are we preparing for this transition, just like we prepare our children to transition into their careers?” – Denise Logan
In last week’s episode I welcomed an expert guest to talk about the issues often faced by business owners looking to sell their businesses, and what struggles they often face as they prepare for this life-changing transition. The conversation was such a riveting one (and I was learning so much!), that we decided to make it a special two-part episode, with the conclusion airing today.
Denise Logan knows that to business owners, selling a business is more than a transaction. To them, it is often 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.
As a business owner myself, I can relate deeply to everything Denise shares, including issues around our own self-identity and how we focused our time and energy, and what happens to our sense of purpose, meaning and identity as human beings as we consider letting go of the work we’ve done for years that has brought us great fulfillment and joy. Whatever situation you find yourself in, whether as a business owner or employee looking to make a transition to a new role, you are sure to get value from the wisdom Denise shares today, and in last week’s episode.
Highlights from this Episode:
- More on why “what’s next” is such a terrifying question for business owners who are selling their businesses, and what question they should be asking themselves instead [3:56]
- How relating to someone solely through that person’s profession (and asking a stranger, “What do you do for a living?”) can be a narrow and limiting perspective [4:44]
- The importance of understanding what needs your work is helping you meet, other than just the financial aspect [6:49]
- A real life example from Denise that shows why it’s never about the money to a person selling his or her business [13:29]
- What she means when she says that mortality is often the missing piece of the puzzle for a business owner who is preparing an exit [14:53]
- How Denise is showing others that retirement doesn’t have to be a dirty word [15:54]
- A shocking statistic showing how many businesses that go to market actually sell, and why she believes this is happening [18:36]
- What can happen when owners are not fully prepared for the next stage of their life after selling the business [19:45]
- How people often use the “OMY”, or “One More Year” syndrome as a way of not dealing with the future [26:03]
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“Who are your Saturday friends? When you sell your business, who will you hang out with? We see owners struggle with this.” [8:09]
“Just because an owner gets a big sack of cash when selling the business, the needs that their work is meeting don’t just go away.” [9:05]
“Too often, [trusted advisors] stay focused on the economics and miss what’s happening for their owners.” [10:42]
“Just like anyone who is preparing to leave their job and go to a new job, or retire, it is not just about saving enough money. That’s just a small piece of it.” [14:21]
“Only one-third of the businesses that go to market successfully sell, and that is a tragedy.” [18:01]
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