There are multiple dimensions to defining your future euphoric exit event
Ask yourself this question – am I being kind to my future self by identifying today what will make me personally euphoric one day when I sell my company? And as part of this, have I identified what I want my personal legacy to be?
Too often, owners of privately held companies don’t define what will make them euphoric both professionally and personally when they sell their business. They focus their future planning activities on their business, not on themselves and their families. As part of helping our clients build a plan to achieve their euphoric exit event one day, we facilitate their thinking and planning around what they want their personal legacy to be. Will their personal legacy be connected to their business or will their business be the means that enables them to build a legacy separate from the company?
This isn’t something you think about when in the middle of selling your company. It’s a question you want to answer for yourself years prior to the exit. For some owners, their legacy is the business they’ve built and they take steps to ensure this legacy lives on and as the business lives on. For others, their legacy isn’t their company, it’s something else but their business helps fuel it. Like setting up a philanthropic organization or a scholarship fund where they want their legacy to thrive.
As you work on your future exit planning, don’t just focus on your business. Achieving a future euphoric exit event goes beyond the money and deal structure you get for your business. Use time as a friend to begin setting your exit plan today that addresses both the professional and personal sides of your future euphoric equation.
