Module 6: What else do I need to know?
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The happiest departures occur when owners have more factors pulling them instead of pushing them out of their business.
Key Points
- There are many push factors that influence owners to want to exit their businesses: a magic retirement age, their business has peaked, they see the risk of having most of their wealth in one basket, they're bored, stressed, or are having health issues.
- The pull factors that draw owners away from their businesses include a desire to travel, get fit, spend more time with family and friends, create and work on a charitable foundation, and start a different business initiative.
- It takes a lot of pull factors to overcome the emptiness that owners often feel after they exit their businesses.
Download the workbook for Module 6
How do you know when you're ready?
Watch this video for inspiration on what might pull you into your post-business future.
Key Takeaways
- Push factors, such as boredom, health challenges, and stress tend to drive an owner out of their business, but to what?
- On the other hand, pull factors invite owners into something new. The new things are there for owners to transition into, not just out of their businesses.
- The most satisfied owners who've sold their businesses are those who have more compelling pull than push factors.
Next Steps
- If you haven't yet, please download the workbook for Module 6.
- Complete the assignment in your workbook for lesson 1.
- You are almost there! Hopefully, you have a new bounce in your step as you gain confidence and overcome any feelings of dread you may have had about your future exit.
- Move to the next lesson to listen to three stories of owners who wanted to sell their businesses.