It wasn’t until the 4th hole that Fred and John started talking about their businesses today during their morning round of 18 holes. Through 20 years of Saturday morning golf, by the first tee they typically would have analyzed and forecasted the economy, reported on sales and profitability, or ranted about the most urgent “fire that needs to be put out”. But this Saturday was different because Fred had an entirely different mess on his hands that he really didn’t want to think or talk about until John made the mistake of asking, “What’s going on?” Over the next 14 holes, John was forced to endure Fred’s scary (but sometimes humorous) tale about his “transition plan” out of the business. John thought more than a few times, “Man, sorry I asked.”
By the 7th hole, Fred was grumbling how he “had no idea” about all that was involved in planning his departure from the business — “I figured it would just mean sitting across a table from a buyer, we agree to a price, sign some legal papers with a couple of attorneys, they give me a check, I give them the keys, and it’s a done deal! Well, I had that all wrong my friend!”.
As they made the turn John now felt his anxiety level steadily rising with each passing tee box — and it was due to more than the missed putts. He was learning much more than he wanted to about the countless planning issues that have come up for Fred personally and for the business in this process — tax planning, estate planning, business valuation, a plan for future business growth and grooming successor, planning for life after the business, business continuity, and on and on and on!
Fred also painted a gloomy picture of how he was the one in the middle of everything working around the clock to coordinate the needed advisors and work. As Fred walked to the 14th tee (John really wasn’t listening at this point) he said, “Most of the time I have no idea what they’re even talking about! I don’t know if they ‘re collaborating the way they should and if the right questions are being asked or answered — I just don’t know if it’s all getting done right…while in the meantime professional fees are piling up! I’m having a hard time sleeping at night! And it’s absolutely affecting my golf game!”
After slicing his tee shot into the water hazard on the right side of the fairway, Fred started up again on his way back to the golf cart…”And if that’s not enough, the business is struggling because I’ve taken my eye off the ball to manage this project! Both sales and profitability have suffered so much I wonder if I will now get the $$$$ I need when I sell!” John asked, “Why don’t you have your CPA Sarah or your Attorney Bob coordinate everything — be like a project manager?” Fred responded that he had asked them both but neither had any desire to manage the project and simply wanted to “stay in their lane” of expertise.
Exhausted and a bit defeated after tallying the scores, Fred and John bellied up to the bar at the 19th hole. A few minutes later George walked in and joined a table across the room. Fred remembered that George had successfully sold his business a year ago and that George never seemed stressed, either during the process, that took a couple of years, or since selling. “George never seemed freaked out …never…he always seemed to have everything under control…what’s his secret John you know George well???” Fred said in a deflated tone. John was quick to respond, “Well…I know he had one of those Exit Planners or Advisors or whatever they’re called doing everything you’ve been complaining about …and you can bet your bottom dollar on this…that’s exactly what I’m going to do after listening to you all day!!!”
