But What Comes Afterwards?
I’m attracted to the stories of elite athletes and coaches, and how they became winners. I’m especially curious how successful people leave their careers and make decisions about retirement.
One such story is that of Tonya Harding, the notorious U.S. Championship figure skater. She was a rebel, a hot head, and a self-proclaimed bad girl.
Harding’s career on the ice was shaped by her extreme discipline, physical strength, personal pride, and a family that had a profound psychological impact. As we know from the movies and from the news, Tonya Harding’s mother was a supremely negative influence.
A positive character in Tonya Harding’s life, however, was Diane Rawlinson, her skating coach of more than 20 years.
I talk about Coach Rawlinson in my column for Label and Narrow Web magazine.
When Tonya Harding left the ice, Diane Rawlinson’s purpose and meaning shifted. Rawlinson would have other skating clients, but she would never lift another protege to the championship level. What happens to high-achieving professionals like Diane Rawlinson once their role doesn’t exist anymore?
It’s a situation I see in the graphic arts industry. I meet owners and founders whose sole mission has been to nurture and guide the business. They have spent their careers with a laser-focused obsession with work. Like Diane Rawlinson, their job is their defining role.
No one in their orbit begrudges this mission. After all, focus and fortitude leads to success, wealth, purpose, and a legacy that often spans generations.
Many owners go through the grieving process of leaving their core mission behind as they begin to reinvent themselves. As you contemplate the sale of your business, what does the post-arena picture look like?
In my work, I must discover where each client fits on the post-sale spectrum. Some buy other companies. Many find new areas where they can excel. Rarely are the owners I meet satisfied to just sit back and relax.
Each seller has a unique situation to consider. We don’t prescribe what the post-sale reality should look like, but we do suggest that you write down your answers to these questions.
- Do you envision taking time off after the sale?
- Do you plan to relocate?
- Does your spouse know all the details of what you are considering?
- Are you on favorable terms with your spouse and family? How will your family situation affect decisions about life after the sale?
- Do you wish to have a consulting or management role in your former company or in another business?
- Would you want to retain a financial interest or invest in the business once it’s sold?
- Do you hope the new owner will continue the business name?
- Would you be interested in continuing to work in the business as an employee?
- Have you talked to your extended family and acquaintances about life after sale?
- What does your social support system look like, including friends, church, or social groups?
- Do you have hobbies and interests outside work or are you thinking about developing them?
- Do you personally know other owners who have successfully sold their businesses and made the transition to retirement?
- Are you healthy?
- Do you have a trustworthy and experienced executive coach who can support you in your path and warn you of pitfalls?
- Are there good-hearted people in your life who want the best for you?
The big question is: If you truly are emotionally and financially ready to sell your business, is there anything standing in your way? You can see why it’s important to look ahead and begin your post-sale planning.
To help you with your assessment and preparation, I invite you to download our free self-check to find insight about your own succession planning.
Succession Planning Simplified
Envisioning life after the sale of your graphic arts business can be difficult. As your advisor, we look at where you are on the planning spectrum and help you keep moving toward your goals. Check out Succession Plan Simplified, our FREE guide, to help you ask the right questions and formulate the right answers, for you.
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