Today is the Summer Solstice and officially marks the start of summer! How are you going to spend the longest day of the year? Do you have any personal goals to accomplish this summer or plans to fulfill? Most of us view summer as the time for a vacation, relaxation, and rejuvenation. Some use this time to accomplish the tasks and projects we have been putting off during the colder months of the year.
But, one thing is for sure, we all have something planned for this summer, even if it is to sit on the beach with a book in hand.
However, how many business owners have a plan for their life after exiting their business? How many understand their personal purpose and goals? These owners might have several business goals and plans in motion, but are they prepared for their personal successes as well?
Understanding Your Personal Purpose
As Chris Snider writes in the second edition of Walking To Destiny, “Before goals comes purpose.” By understanding your personal purpose, you set yourself down a path toward a more fulfilling life after you exit your business in the future while also creating a more meaningful life in the present.
Before you exit your business, think about the things in your life outside of your business that give your life meaning and purpose. Perhaps it is spending time strengthening your family relationships, tending to a garden, or expanding your knowledge by reading. Whatever gives your life purpose should have a place in your post-business life.
Balancing the Business and Personal
One of the easiest ways to build business value is to decentralize yourself from the business. By limiting the amount of time you as an owner spend working outside of traditional work hours, your business and your key employees learn to operate without you. If you cannot trust your second in command to manage the business while you take a well-deserved vacation this summer, it is time to reevaluate your business processes.
As an owner, the best way to build value in your business is to build it as independent from your successes. Invest time and resources in training leaders in your business so they can run your business well after your exit.
If you exit your business at 60 or even 70, it is likely you will live another 20 to 30 years. And what is important is having a vision for what you are going to do with that time. Having a full and complete exit plan that considers your business, financial, and personal needs is crucial for a profitable business exit.
Bring Personal Planning to the Present
Finding and living according to your purpose benefits not only you but important members of your life. Your purpose plays a crucial role in determining your personal next act plan and will ensure your life post-exit will be fulfilling.
By managing your energy and optimizing your current life, you are able to explore your passions outside of your business. Passions that can ultimately make up a large portion of your next act. While our 2013 State of Owner Readiness Survey found that 75% of owners profoundly regretted selling their business within a year, having a defined personal purpose greatly lessens that regret. Incorporating personal planning in your life well in advance of an exit prepares owners for their life after exit and allows for a smoother and more significant next act.
Learn more about personal planning in our 5-4-3-2-1 Whitepaper!
