Workplace

The mental side of exiting a business


A business exit's most critical element is a business owner coming to terms with his or her retirement and succession. Owners often are emotionally attached to their businesses; a business is not just what you do but who you are.

When I exited my business, I struggled with losing my community identity, as well as my relationships with my team and customers. So when you start considering your business exit, ask yourself: "Am I really ready?"

Objective assessment

Business owners are well-advised to objectively assess how mentally prepared they are to leave the businesses that are such a significant part of their lives.