Author and former Inc Magazine editor at large Bo Burlingham says there is more than money at stake during a business owner’s exit.
He delivered a luncheon address at the M&A Source spring conference in Dallas Tuesday. He revisited research done for his book Finish Big. The book explores the exits of owners ranging from the good to the bad, from the joyful to the ugly.
His interviews with owners across the country identified phases:
- Exploratory, where you think about what might happen
- Strategic, where you plan things out
- Execution, where you do what you planned
- Transition, where things are implemented
Although you can work through the phases at a different pace, owners who pay attention to what is next and who they really are, tend to have more fulfilling and successful exits.
Often overlooked is the reality that after the closing, everything will be different. He relayed how one owner came to realize that he should have been more forthcoming to his staff about the sale and his intentions.
When they learned of it, they felt betrayed. Despite making out well in the sale, this realization haunted the owner even years after the transaction.