Most successful business owners know they need an exit plan; they just don’t do anything about it.
I’ve figured out it’s only ever because of six possible reasons.
Running a business is demanding and it’s always easier to focus on the here and now.
It’s your baby, so anything that subconsciously threatens your emotional ties to the business feels like a threat.
Getting your business due diligence ready and exit ready can be complex and easy to kick into the long grass.
“I’ll think about it when I’m ready to exit” which is like saying you’ll think about getting a pension when you’re ready to retire 🙂
Fear of change and what the next chapter will bring.
and finally, the fear of losing control – which is a really big one.
As a business owner, if nobody’s told you what to do for the last couple of decades, even the idea of a short transition period to new owners can cause you sleepless nights.
People tend to be loss-averse. It’s well documented. As humans, we’re hard-wired to focus on losses more heavily than gains.
But unexpected events can force your hand and failing to plan is planning to fail…
#exitlaunchpad #exitplan