As Mike Tyson so eloquently observed "everybody has a plan until they get punched in the face".
You've been putting off transitioning the company for so long that it's now the accepted status. Or you promised your spouse, the team, your advisers and most importantly yourself, five more years and you're out.
But suddenly circumstances change and you're faced with an unsettling feeling in the pit of your stomach. You want out, but you're trapped, for at least a period of time. And it's always longer than you want it to be.
Could be changes in the business environment, new competition, higher interest rates, cross border restrictions or you fill in the blank _________________________.
Personal reasons rank equally high as business or higher. Grandchildren are at that age where you can't afford to miss a minute of the fun.
It's a family business and the patriarch or matriarch passes on. Now everyone in the family wants their share. Active in the business and non active family members all want what's theirs and to make their own decisions. And rightly so.
This is when the 'now what do I do' kicks in. You haven't really planned ahead and certainly not for a much shorter time frame. Reality steps in and punches you in the face. Making decisions when you're dazed, confused, and pressured typically never ends well.
Regardless of the reason for a change of heart, when it's time to sell, the clock starts ticking. You can't stop it or change it back, time continues moving forward and eventually you will run out.
The point is, start getting ready today. Because even if you know the punch is coming, likely you won't see it until it's too late.
Make every day count.
Take action now, Eric
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