Written by: David G Fisher, Executive Contributor
Executive Contributors at Brainz Magazine are handpicked and invited to contribute because of their knowledge and valuable insight within their area of expertise.
Embarking on the journey toward retirement is an important life transition, especially for most business owners who identify themselves with deep emotional bonds with their companies. If you're nearing this crossroads, consider this beginner's roadmap to guide you through the process of retirement and selling your business while ensuring your legacy endures.
Reflect on your journey
Acknowledge your achievements
After decades of dedication—44 years in construction, 40 years in property, and 30 years in business—I took a moment to celebrate my accomplishments in these chapters.
The first step is to recognize that you are ready for the next chapter.
Envision your future
Ask the essential questions
What will become of the knowledge and skills honed over a lifetime?
What activities do you envision filling your days once the business is no longer your primary focus?
Evaluate your present circumstances
Acknowledge emotional bonds
We all need to acknowledge the deep connections we have forged with our business and those who have helped us along the way. Feeling a sense of loss at the thought of selling is part of the process. However, it's crucial to recognize that moving on represents progress and the beginning of a new chapter, not the end of an old one.
Revisit your successor strategy
A common hurdle for business owners is the absence of a ready successor. If passing the torch to a family member or a current employee isn't a viable solution, it the time to look outside your immediate circle for someone to help assist you in planning and implementing a strategy.
Prepare for transition
Plan for your well-being
Accept that your energy levels might not be what they once were, and that's okay. It's time to prioritize your health and well-being during this transition.
Prepare your business for sale
Start organizing your business affairs to make it attractive to potential buyers. Start by systemizing operations, and optimizing your management team with the handover of the day to operations, then the business can run without depending on you.
Take action today
Build beyond business
Now is the time to act. Begin the preparations for selling your business, explore your new roles, and take the first steps toward what promises to be an enriching retirement.
Remember, this roadmap is not just about selling a business; it's about creating a legacy that endures and embarking on a new chapter that's as rewarding as the one you've already travelled. With careful planning and a heart open to new possibilities, the road ahead is yours to shape.
Join me, and let's chart the course with the Roadmap to Retirement.
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David G Fisher, Executive Contributor Brainz Magazine
David G Fisher, is a leader in construction management and business development. An experience of severe burn out and stress, after 40 years in construction management and ownership left him broken and un-capable to do his role. David then initiated strategies to dramatically enhance his skills and performance to conquer these obstacles. He has since dedicated his life to helping other construction owners unleash their true potential to get their businesses and themselves back on track. He is the CEO of Construction Consulting and Coaching; the premiere construction owners exit program. His mission: We don’t need to be prisoners in our own businesses.
