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August 9, 2021
Transitions, Part IV
TRANSITIONS, Part IV There is no more frightening time for a CEO than when it’s time to transition out of the business they’ve spent so much of their life building. It’s more frightening than the launch phase where changes can happen quickly, every decision seems like a life-or-death choice for the company, and where cash is always in short supply. It’s greater than during the growth years where the company’s and its leader’s growth move in lockstep and the focus shifts to attracting, keeping, and trusting competent people to help grow the business, essentially moving from one size boat to another. Most business owners understand the physical aspects of selling their business. Somebody writes a check, and somebody receives one. One day they’re shouldering the responsibilities of their company and the next day they’re not. But too often former owners overlook the emotional elements of selling their company and the transition they’ll experience as they leave one phase of their career and settle into a new one. If the intent is to set up the company for an outright sale, then ensuring its health and navigating the changes and transitions that are necessary to do so go a long way