There are three fundamental questions every business owner should ask themselves as they prepare to exit their business:
Often the third question is dismissed as something that will occur naturally when the business sells. However, business owners who have a specific post-ownership plan that details what their life will look like after the sale are the most successful. They look forward to moving toward their pre-planned new phase, versus trying to discover it.
A written post-ownership plan will ensure that you successfully transition into your new expanded identity with a renewed sense of passion and purpose.
We don’t let you dismiss or minimize this step. We will guide you through the process of creating a clearly defined strategy for your post-ownership life that incorporates three crucial areas for a fulfilling life after owning and running the business: intellectual, physical, and social.
Intellectual: Identifying specific activities that will continue to stimulate you intellectually. You have spent years building your business. That time void will need to be filled with new routines and purpose.
Physical: Where you choose to live (a tax-free state perhaps) and what you choose to do to maintain your physical and emotionally health is vital in ensuring you enjoy the next stage in your life.
Socially: As a business owner your social relationships may have centered around your business. Creating a plan to sustain your social connectivity post ownership will contribute strongly to a smooth transition.
Unfortunately, according to the Exit Planning Institute, 75% of business owners “profoundly regret” selling their business one year after selling.
WHY? They neglected to design a life plan that clearly defined, “what’s next?”
So, be prepared for one of the greatest and most exciting transitions in your life. With your business, financial, and personal objectives aligned in your Master Exit Plan®, you will be part of the 25% that sell their business with no regrets. You will have successfully navigated to your next chapter, whether that means spending more time with your family and community or jumping back into a new business. You will have the peace of mind knowing you built a legacy and are now living the life you have always dreamed of.
Legacy Partners guides the owner through the process to gain clarity in creating a post-ownership future life plan.
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