Thinking About Transitioning Away from Your Business?
by Hal Levenson on Jan 9, 2020 1:30 PM
Are you thinking about transitioning away from your business? There’s a startling statistic out there for us baby boomers. According to the U.S. Census Bureau’s 2017 National Population Projections, all baby boomers will be older than 65 by 2030 which means that we need to be preparing for retirement…NOW.
At Trilogy Partners, we’ve seen the trend of business owners who are seriously contemplating the transition out of their business whether by selling, merging or shifting from the top role. I commend those owners who have the courage and foresight to recognize that their business will or should outlast them. It’s a hard pill to swallow.
When owners come to us looking for support and guidance, they often think we will start with the typical process:
1. Reviewing both company and personal financials
2. Securing a good lawyer
3. Hiring a trusted accountant
4. Analyzing the company organizational chart and business plan
While we do help with the above, it’s not the initial step we take. Rather, we ask the question, “What will you do after leaving the business?”
I believe the most important part of transitioning away from your business comes down to Purpose. Without having a purpose outside of the company, an owner will feel lost. We’ve encountered situations in which owners decided to keep things status quo since they did not have any future aspirations.
To get you started in discovering your Purpose, ask yourself the following questions:
1. What is my vision for the future?
2. How do I want to spend my time and with whom?
3. What am I interested in achieving?
4. If I had an extra 10 years to live, how would I want to spend my time?
Trilogy has a history of posing important questions like these and helping guide our clients to the answers. And it’s never too early to begin thinking about transition so Trilogy Partners & Withum Accounting are co-hosting a FREE seminar on January 28, 2020 with helpful hints. If you find yourself contemplating a transition, please register HERE or contact us for more infoamation.
About Hal Levenson
Hal Levenson is the Founder and Chief Visionary Officer at Trilogy Partners. Trilogy Partners is an advisory & implementation firm whose mission is to help companies grow and transform. We accomplish this by focusing on 3 critical business areas: Financial, Strategy & People.