Will You Be As Responsible Exiting Your Business As You Have Been Building It?
One of our clients had built a thriving service business over 20 plus years and was able to exit successfully a couple of years ago. When we first met to discuss his desire to exit about 5 years ago, we discussed his time frame and financial needs, but also his outside interests such as his basketball outreach to a local underprivileged neighborhood. Many years ago, very discreetly, he began renting a gym weekly for teenage and college-aged kids in a low-income neighborhood and faithfully ran it at his own expense for years. He lived life "others-focused" in both his personal and business life and we find that to be true for most successful owners.
Like other successful business owners, our client worked hard for decades withstanding downturns in the economy and persevering through other tough times while managing to build a profitable business. A business that many people had come to depend on including employees, customers, vendors, suppliers, his family, as well as charities he supported. He had been deeply committed to his responsibility as a business owner, and now realizing all that was at stake, he wanted to be as responsible in how he left the business as he had been in building the business. And, he understood that it would require time and planning if he were to experience the same level of success.
Will you be as responsible in planning your exit as you have been in building the business? In our client’s case, the business has been sold to insiders and has realized continued prosperity serving all stakeholders, while our client is flourishing in his well-planned and meaningful “life after the business”.