Letting go of the business you own may be one of the hardest things you’ll ever have to do. A key goal of Exit Planning is positioning you to exit on your terms. But even when an exit goes perfectly, some business owners remain drawn to their former business like a moth to a flame.
Let’s look at a fictional representative example of the consequences of a business owner’s inability to let the business go after they exit.
I’d Do That Differently
Bryan O’Hair achieved every business exit goal he had set. With help from his Advisor Team, he had achieved financial security, sold his business to a trusted group of key employees, and was ready to pursue life after work. Or so he thought.
Bryan had begun to make a habit of dropping in at his old business just to see how things were going. At first, everyone at the business welcomed his visits. But as they became more frequent, new ownership and employees began dreading when they saw his blue 2015 McLaren P1 pull into the best parking spot at the office.
“You know,” Bryan would tell anyone who would listen, “when I was running this business, we did things a little differently.”
Though the new owners knew that Bryan’s intentions were good, they also realized that he was harming morale with his constant critiques. They became especially worried when key employees, that they hired after Bryan left, began to express frustration that he was offering unsolicited advice. One of their key employees even threatened to quit if he didn’t stop coming around.
The new ownership team tried to explain to Bryan that while they appreciated his advice, the business was running very well with them at the helm. They politely requested that he refrain from offering unsolicited advice to employees without talking to them first.
Bryan initially agreed, but he found it too difficult to not share what he had learned over the years, even though no one had asked.
As the complaints grew, the new ownership team had to make the difficult decision to ban Bryan from dropping in. They required him to set a formal appointment with leadership if he wanted to discuss business strategies and informed employees that if he approached them, they should alert leadership immediately.
Eventually, Bryan got the hint and stopped offering advice. But the damage had been done: The company stopped inviting him to events, stopped requesting him to speak at important meetings, and eventually froze him out entirely.
Staying Involved Without Being a Pest
It can be hard to watch your successors do things differently with your business. But if what they’re doing works, trying to shoehorn your methods in can sour the relationship that you have with your former business.
However, there are ways for you to stay involved in your business that are appropriate and helpful. Even better, your continuing involvement after your exit is something that you can include in your Exit Plan.
Here are a few ways you might be able to remain involved in your business after your exit without becoming a pest.
Plan to Have Something to Do
Achieving financial security and exiting your business can leave you with a lot of free time that you never had before. It’s not uncommon for business owners to feel anxious about not having something to do after they exit.
A smart way to overcome this anxiety is to include things that you want to do after your exit in your Exit Plan.
Whether that means traveling, driving the most expensive sports car you can find, spending more time with family, or anything else, having something to do is crucial to having a fulfilling post-exit life.
This does not mean that you must refrain from interacting with your old business. Instead, it means acknowledging that the business is no longer yours, that that’s okay, and that there are other things that you can do for fulfillment.
Retaining a Minority Stake
Retaining a minority stake in your business is a way to exit it without completely exiting it. Some business owners truly still do want to be involved in their business after they leave it, just maybe not at the levels they were before they left.
Your Advisor Team can help you create strategies that allow you to retain a minority stake in your business while still giving the new ownership all the freedom they need to run the business the way they want to run it.
Becoming a Mentor
Mentoring is a powerful way to share your experience and advice with people who are asking for it. Whether you want to become a mentor at your former business or to help other businesses achieve success, the key is to make sure that people want you to be their mentor.
Offering unsolicited advice is a quick way to turn people off from that advice. Nonetheless, it can be difficult for business owners to resist the temptation to offer their advice, especially to the businesses they used to run. They managed to sell their businesses because they were so successful, so they think, “Who wouldn’t want this advice?”
Including mentoring as an aspirational goal that you want to achieve through your Exit Plan can help your Advisor Team find the right fit for your mentorship. But as Bryan learned, forcing your ideas on people who didn’t ask for them is a quick way to get frozen out.
Exit With Grace
Successfully exiting your business is a great way to build your legacy. From the joy of achieving financial security and the pride of passing your business on to the next generation, to watching the business you built thrive without you, a successful business exit gives you a head start on achieving personal fulfillment.
However, exiting with grace can take some work, especially if running the business has been all you’ve known.
An Exit Plan could help you focus on enjoying life after the business instead of meddling in the business you left. After all, if you built a successful business, executed a successful Exit Plan, and positioned the business to succeed without you, letting the business run after you leave it is the reward you reap for all that hard work.
We strive to help business owners identify and prioritize their objectives with respect to their businesses, their employees, and their families. If you have questions on this topic, we can help with more information or a referral to another experienced professional.
About Altus Exit Strategies
David Jean is the Director of Altus Exit Strategies and a Principal at Albin, Randall & Bennett, where he is also the Practice Leader of the Succession Planning, Business Advisory, and Construction & Real Estate Services Teams. David works with business owners who want to improve their business’s value before they sell through the Seven-Step Exit Planning Preparation™ process. He has worked with companies from $5 million to $50 million in revenue across a range of industries.
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