There is much to do to realize a successful business exit. BUT!!! The most challenging aspects of an owner’s exit tend to be emotional. If not faced and handled well, they can result in owner procrastination, inaction, and regret. Following are common emotional hurdles that many business owners encounter.

As a business owner, your company is more than just a livelihood—it becomes an extension of your identity, a vessel for your dreams, and often the center of your world. For nearly two decades, Solly’s Bagelry was my life. Co-founding and growing it into a cherished Vancouver institution brought immeasurable pride and purpose. But when I exited the business, I faced a challenge I hadn’t fully anticipated: finding my footing in a world where I was no longer "Joe from Solly’s."

“The emotional aspect of an exit and transition is what’s hardest (paraphrased)”. This was a statement made by one client to another at a recent charity golf event. While listening to the conversation I was freshly reminded about what’s at stake when and how an owner leaves their business, that perhaps took them decades to build.

A key element for an exiting successfully on your own terms and conditions is realizing the role(s) that you’re willing to play post-sale or transfer.

John sold to a strategic buyer and an earn-out with John working as an employee for 3 years as part of the deal. He had not planned in a way to avoid this, and after 2 years decided to forfeit the balance of his payout and leave because he was finding it too difficult to work for the new management.

Our fictional business owner, Baby Boomer Jane Doe, is like most owners in that her business is her largest asset and will play a central role in achieving future financial security, goals, and dreams.  Jane has been in business approximately 25 years and, as a result of the steady stream of business revenue, she has experienced a very comfortable lifestyle that includes two homes, private education for the children, annual vacations, and plenty of discretionary income.  

As a business owner you pour your heart into your work and it has become part of you. But at times, the business you have carefully nurtured for years can become a burden - there's a part of you that yearns to do something else - travel, spend more time with family, enjoy more leisure, or even start another new business. You are confused. 

So when it comes to considering the future of your business, where is your heart?