What’s Next?

I’ve heard many business owners say, “I don’t know what I’d do if I didn’t have my business to go to every day.” One thing that many business owners have in common is that they find more satisfaction in staying active in their companies than any alternative they can consider. This happens no matter what their age, their accomplishments, or their financial success. Business owners are unlike employees who may retire because their friends are retiring or because they become eligible for Social Security. Business owners have an emotional attachment to their work and their company. However, I think oftentimes business owners’ satisfaction in staying active in their companies is closely aligned with a fear that they will find little significance in life without identifying with their profession.  A significant part of the succession planning process is looking to the future and deciding what is next for the business owner. The smart business owner is developing his developing his succession plan 3 to 5 years before his exit from the business. A well thought-out succession plan allows the owner to plan their life after business.