Giving Thought To What’s Next
The loud buzz of your alarm clock rustles you from sleep. It’s 5am and your brain kicks into high gear. You’ve got a lot to accomplish today. You get up, work out, clean up, grab a bite on the run, and head to the office.
It takes 19 minutes door-to-door, enough to cycle through two weather updates on the radio … You always listen to the same station. When you enter the office, before you can get to your desk, you are approached by the usual suspects ready to get your input on their latest issues.
The day flows along like the rhythms of the ocean waves crashing on shore. Your routine is so familiar, it’s comforting. You love owning your business and you’ve never considered life any other way.
But you are a human being and you know that all human beings have limited time on this earth. Your spouse and friends have started bringing the subject up to you more and more. In a nice way, the question is,
“Are you going to die at your desk or find your next act?”
Envisioning Your Future
You may be like most business owners. Your business is your passion and hobby. Sure, you enjoy R&R. You like golf and travel, but you feel most alive at the helm of your business, not on a yacht in the islands.
But if you want to find your next act, you’re going to need to do some self-examination to figure this out. If golf and travel do not sound like an enticing retirement, you will want to find something that is.
In order to explore what could be next, you need to engage in some personal envisioning. Just as you plan your business, you need to plan your life. An appropriate place to start might be some brainstorming with friends and loved ones. If you think you could benefit from having a third party’s input, you may find value in having someone facilitate a brainstorming workshop with you.
Plan Before You Need One
If people are starting to bug you about the “what’s next” question and you do not have an answer, it is safe to say you’re in the red zone. You’ve managed to make it this far without a plan, despite life’s many curveballs. But you do not want to be a cautionary tale. You do not want to be the cranky former business owner, who lost his way after selling his company. It’s time to dedicate some mental energy to your personal plan.
If you’re not getting the “what’s next” question, “Congratulations!” you are not in the red zone, yet. Your exit might seem far off, but it really isn’t. When I hear of people’s most profound regrets in old age, it’s almost always a version of: “I wish I’d used my time differently.” Life truly is short. Keeping an open mind about what other goals and desires you might have outside of your current business may be the key to avoiding some of the most common regrets.
It is not uncommon for business owners to focus on the financial aspects of their exit, while neglecting the personal aspects. At Doescher Group we help business owners exit on their terms. Many times, this means helping our clients take a more holistic approach to their exit and assuring that they are prepared emotionally and psychologically as much as they are financially. To learn more, reach out to us, and book your Exit Audit.
