| Even if you are thinking, “I just don’t feel like it” – Do it for legacy. |

When we started our businesses, we knew we had to learn a lot of new things. It wasn’t enough just to be an expert around our product or service, we also had to learn how to be a great business owner. We spent several years building the business. Always in trial and error. Working to get more visibility, more engagement, more prospects, more clients, more sales; managing more finances, people, policies, regulations, and so much more. And now that you have a machine that is making you money you need to change again? Maybe! Maybe not! It depends on if you build a business with the end in mind.

The End in Mind

First, what is a business look like that started with the ‘end in mind’?

It is not a business that has a valuation and a seller, it is a business that can run without the owner. It has systems and process. It has teams that are responsible for areas of the business that you, as the owner, now no longer have to look after. It has a culture that supports growth and change.

Why do we need all this in a business that has the ‘end in mind’? Because, when the end of your time in the business comes, the business needs to easily be able to continue on without you. Whether the new owner comes from within the business or external to the business, the day-to-day, decision-making process must be robust enough that the business can run without issue, while managing the change-over. This means your teams must not only know their roles and responsibilities, but they must know what do to when change is happening, both in their jobs, and in other areas that are affecting their work and the business.

The bonus is, a business that is set up to be transferable is a business that can handle change well. It can grow, compete, adjust its direction, take on new markets, add new products, and people. This is the business that survives when everything around it is in change. And, when you do get to the year you decide you want to leave, you will have more options, and more value in your business.

Where to Start to Get to The End

So, this may sound like a lot of work. Even if you are thinking, “I just don’t feel like starting something new”, I suggest you do it for legacy. Do it for your team, your clients, your suppliers, the continuation of your business, and for your family.

Your day-to-day operational machine comes with its own stressful and exhausting challenges. There is always an effort required to continue to stay on top of your game and succeed in your sales, customer service, and operational effectiveness. You will need to not only focus on your regular activities, you will have to allocate part of your brain to envision, evaluate, and troubleshoot future activities, then implement and manage it as you go through that new process.

You might be thinking, “why would I want to do this? I just don’t feel like this is worth it for me. My business is already successful. All I need to do now, is decide when to leave.”

Well, I hope that is true for you. It is not for most, especially if you are hoping your business (and your legacy) will survive your exit.

Here are three places you can focus now to help increase the likelihood your business will survive your exit.

1. Prepare Yourself

Preparing to remove yourself from the business means you need to prepare your life for the day you are no longer the owner of this business. It is a mindset shift.

Start by asking yourself, and then journaling your answers to, these three questions.

1. What do I envision myself doing in my days after I leave the business?
2. How will I define who I am, when people ask, what do you do?
3. How will I evaluate my worth if I am not doing this?

These are good questions to ask yourself. For instance, if you simply think the answer to the first question is “I will be retired”, I would then ask you, “what does retirement look like?” Go deep into your vision of what that looks like. Imagine waking up every morning and doing…. WHAT?

The second and third questions may be tougher. When someone asks, what do you do, your responses over the years have identified who you are. You may have been responding: I am the owner of X-business. I run a business. I’m an entrepreneur. I have a business that does Y and works with Z. The terms we use define who we think we are and the value we bring.

After all, starting a business is often a lifelong journey. If we simply quit our journey with no idea of what we will be doing after, we are at risk of losing our identity. Maybe think about how you can keep some part of the business for yourself, or start another business. Keeping active and engaged will keep you healthier for a much longer time in life.

2. Prepare Your Team

Start with letting people know why you are working towards this goal.

I have had many owners say, they don’t want to tell anyone they are leaving their business. Well I say, don’t tell them you’re leaving, tell them you are preparing the business for the day you will leave, some time in the future. The truth is, everyone knows that some day, this will have to come to an end. The older you are, the more your team will be speculating about their future. You don’t want your best people leaving because you don’t have a plan in place.

Get your team on board. Get them excited about the possibilities for the future. You want them buying into the change, the future, their future, in your business. With this mentality they will be on the look out for obstacles and committed to the work that needs to get done to create the better business. It will be better for them because they will be able to envision their future and they will know that it will exist after you leave because they are helping make it happen.

3. Prepare Your Business

Your business needs to go through a change. Identify what needs to change, who needs to take it on, evaluate the timelines required, learn how to measure the implementation and manage the people within the change. A key management tool worth knowing, to help with great change outcomes is how to run effective meetings. Holding short (<30 minute) check-in meetings to find out what has been done, what people are still working on, and what challenges are people experiencing will make meetings easier and less stressful to attend. This means, you don’t go over the time set and you ensure everyone is heard. Having meetings that always go long or when people don’t get a chance to share, can be demotivating to attendees and result it stagnant change.

The Biggest Benefits

The final outcome of focusing on your business now, is a business that can Run Without You.  By focusing on you, your team, and the business, you will more quickly get to optimal operations. The side effect of having a business that can Run Without You is that it is easier and more likely to grow.  You will have space to take on new projects and put into place your new vision of ‘you’. You will have people to handle new tasks because it’s not just you doing all the work, making all the decisions, or responding to all the challenges.

When you come to the end of your journey in this business, you will have a business with value for the next owner, something you can sell, AND, your legacy will continue.

This article is 100% original content – The articles you read in this blog are 100% created by Barb Stuhlemmer, not by AI.