If you’ve started to hear whispers in your head it’s time to get out of your business, time to exit, what’s holding you back from starting the exit journey? The following is a list of reasons I’ve heard from business owners over the years. How many of these are stopping you from moving forward?
- Don’t know what’s next personally.
- Fearing loss of identity.
- Concern for employees.
- Loyalty to customers or clients.
- Loss of control.
- Embarrassment, shame.
- Perceived failure.
- Fear of regret.
- Fear of missing out (FOMO).
- Not time yet.
- Fear of losing income.
- Don’t know how to exit.
- Seems daunting to make such a big change.
All of these are legitimate, and it’s okay if you admit one or more of these reasons are stopping you. If you identify with any of these challenges, you’re in good company. Unofficially, 99.9% of business owners with whom I speak admit to at least one and usually several of these fears. If this is you, it’s okay.
However, I have two suggestions if you want to exit your business but one (or more) of these is stopping you.
Suggestion #1: Create a Clear Vision of Your Abundant Future
The study of positive psychology suggests having a sharp vision of a positive future pulls us forward. A clear image of an abundant future will help you overcome inertia, fear and other negative emotions holding you back.
Based on this idea, I suggest you create a clear, concrete vision of what your life will be like after you exit your business. Where will you live? What will you be doing? Who will you be doing fun things with?
Write down your vision with as much detail as you can. When you have a clear vision of what you want your life to be like without your business, you’ll be able to move ahead. Let me give you an example.
One of my current clients is clear she and her husband want to live in Europe to be near to their daughter and grandkids. She knows it’s not possible if she’s tied to her business. I’ve stressed to this business owner the need to make the vision of the future as clear as she can make it. I’ve suggested she pick out a house they will rent, read up on the region in which they want to settle, and visit the region as much as she can right now.
This business owner has to improve her business in the next few years so she can sell it for what she wants, but the vivid image of the future she wants will draw her forward.
Suggestion #2: Take Action
Psychologists suggest task aversion is to blame when we put off doing something we know we should do. If we view a task as unpleasant, we will often put it off. I’m not a psychologist, but I am a seasoned business owner, and I know to overcome inertia I need to act. The simple task of doing something creates momentum and once started, a task is easier.
You can use any of the tried-and-true behaviors to overcome procrastination to help you. For example:
- Focus on the “why” (see suggestion #1).
- Get a partner to help you plan out the exit journey.
- Break the task of exiting your business into chunks.
- Drop perfectionism (exiting a business is messy and imperfect).
The point is to take action. Here is my challenge to you. If you’re serious about exiting your business in the next two years, take action of any kind in the next 48 hours. Pick something and get started.
For example, you could start to create your vision of your life after you no longer own this business. Or you could contact your accountant and ask her if she has any experience selling a business and, if not, if she knows someone who does have experience. You could reach out to a business owner you know who has recently sold her business and start a conversation.
Summary
Exiting your business is not easy, but it’s doable. If you hear the whispers that it’s time to turn your business over to someone else, then examine what’s holding you back and take action to overcome your objections. You might be surprised how good you’ll feel when you commit to starting the journey to exit your business.
Rather than asking you to reveal if you’re thinking about exiting your business, suggest reasons to delay other business owners might be feeling. If you have any questions about how to get started in exiting a business, please make a comment below and I’ll respond. Thank you.
Further read, 5 Ways to Exit Your Business: Which One Is Right for You?
Let’s Have a Conversation:
Are you looking into exiting your business? Do you have a clear reason why you want to do it? What fears are stopping you to actually take action in that direction?
