Scary high hanging bridges
If you’ve ever attempted to cross a rickety bridge expanded high above whatever is far below, you know how terrifying it can be even if you’re not afraid of heights! If you fear heights like I do, each step on a high hanging bridge produces huge anxiety as you become keenly aware of what’s at stake…your life! Once as a teenager, I started out across a bridge like that with friends, and realized real quick that there was no way I could make it across and back…I was simply too afraid. In a rare “wisdom moment”, I decided to turn back. Meanwhile my friends had arrived on the other side, and were sitting on the hill loudly mocking their beleaguered friend. So, not only a terrifying but also a humiliating experience.
Potential for disastrous consequences
The source of my anxiety was an intense awareness of the disastrous consequences of a fall from that bridge, that seemed all too probable. It would be a long and hard fall to the river about 100 feet below…and the odds of a skinny teenager surviving were not high! Disaster for sure!
Exit planning can be scary too
An owner’s life may not be at risk when planning an exit, but many other valued aspects of life, including financial security and relationships, are at stake. So, it is certainly understandable when owners experience fear and trepidation during a transition, as the decisions such as the following have huge impact on the owner and all business stakeholders:
Should I risk having my kids take over the business now….even though they may not be ready? I want to set them up for success…
I’m going to sell to my key employees….no wait, what would happen if they can’t pay me?
I’m going to move ahead with a sale to a third-party. But wait, will my employees and customers still be treated in the same way…that’s important to me…
How will my spouse and family be impacted if I die prematurely? Who will own and run the business?
I really don’t know what I’d do after leaving that would be as meaningful as building my business…it’s scary to think about!
As owners become highly sensitized to the significance of these issues, it sometimes can be easier to “turn back” and not take any further action in planning their departure. They might experience paralysis with procrastination, or simply decide not to do anything at all.
5 tips for crossing hanging bridges and planning your exit…if you’re scared…
In an interesting article, the author Anna (“would be traveler” and “ethical adventurer and proud member of #TeamHerbivore”) provides very helpful and insightful advice about crossing hanging bridges:
Stay with someone you trust and who understands your fear.
Cross the bridges with a group of people.
Avoid the tendency to look down – Keep your focus on the main reason you’re at the hanging bridges in the first place…
Don’t think about how high up you are – At the beginning of each bridge, you’ll see a sign telling you how high and how long the bridge is. If knowing these statistics is a trigger for you, avoid looking at them. Instead, walk straight past them and out onto the bridge.
Explain your fear to the front desk – He said that if I couldn’t make it over the first one without feeling terrified, he would refund me the money I paid.
Anna’s advice for crossing scary bridges transfers nicely to business owners planning to exit
In reading Anna’s article, and her recommendations for those facing their fears of hanging bridges, I found it interesting how her advice correlates with exit planning:
Move forward with a trusted advisor, and possibly another owner who has “gone before you”, who can understand your fear and apprehension.
Go through the process with the right group of people — a capable advisor team.
Keep your focus on the main reason you’re in a planning process to begin with….your personal vision for a successful exit on your own terms and conditions.
Don’t dwell on what triggers fear and apprehension, but simply create the plan and execute it one step at a time.
Anna’s #5 doesn’t translate…no refunds!
Get started today “crossing the bridge” to exit. Start with the right trusted advisors, the right process, and adequate time for planning and you will minimize anxiety and maximize your potential for a successful transition.
Invest 12-15 minutes today in the FREE ExitMap® Assessment and get a 12-page report scoring you in four key exit planning areas: Finance, Planning, Revenue/Profit, and Operations.
