Module 6: What else do I need to know?

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.