I’m Feeling Stuck in my Business and Want Out – Now What?

Owning your own business can be a rollercoaster of emotions as you maneuver through incredible successes and some challenging times. There may come a point where you’ve had enough and you just want to get off the ride. These suggestions are the first steps to setting you free from feeling “stuck” in your business.

WHAT MOTIVATES YOU TO LEAVE YOUR BUSINESS?

Everyone is motivated for different reasons. You may be sick of your partner, tired of always strategizing new ways to one-up your competition or exhausted from fighting to stay on top of your game. On the other hand you could be highly successful but bored of business ownership and looking forward to enjoying retired life in a less stressful environment. Do these scenarios sound familiar? These are just some examples that we’ve heard from many clients who are looking to sell and move on to the next stage of their lives.

If you’re still debating ‘what motivates me?’ – spend some time clarifying why you want to leave your business. Establishing clear motivators will help you plan your next steps effectively.

WHERE DO I WANT TO BE AFTER EXIT PLANNING?

After some soul searching, we encourage you to determine where you want to be after your exit. Some questions to ask yourself include:

• Do I want out of the business altogether?
• Do I want to stay involved to some degree?
• How do I plan to enjoy my time after I sell?
• How much money will I require to live my life comfortably?
• Am I truly ready for change?

Answering these questions honestly will help you to create a plan for the future.

YOUR PRIORITIES AND OBJECTIVES WILL GUIDE THE WAY

If you consider specifics before you launch the sale process – your odds of reaching a happy outcome will increase dramatically. Group your objectives into four main areas:

• Money – how much do you need for the next stage of your life?
• Time – when is a good time for you to exit? Consider your personal as well as your business needs
• Type of business ownership – do I want to put a family succession plan in place, retain ownership and have others run the business or sell my business?
• Business continuity – who will be the next owner and what does the future of the business look like? Have a clear vision for the long term prosperity of the business

After reviewing your objectives, weigh up what’s important to you, and make some clear decisions.

WHAT NEXT?

Ascend Business Partners can assess if you are truly ready to start the journey towards your succession. Understanding your exit readiness, motivators and future objectives may simply be the preliminary steps to exit planning, but they will help mould your future to help you achieve the happiness you deserve. The online calculator is free and will only take you 15 minutes to complete.

Photo Cred: The Conversion Company