One of the biggest challenges we have in our Objective Review program is getting our business owner Clients to change their behavior. This becomes more difficult, the older the Client is. In fact, if a Client is over forty-five years old, we really don’t try to change behavior, but we do try to modify how things happen at their company.
A large percentage of owners who start a conversation with us want to see a path for them to leave their company. We usually will ask them whether they know if they can afford to leave. If the answer is no or I don’t know, we will help the owner understand what their options are.
For many, the best option is to change their relationship with the business and become a passive owner. This usually involves the least amount of change in how the business owner works and how they run their business.
I find that most people who have been in business for many years know enough about running their company that they can continue doing so for many, many years. In addition, even though the owner might say they want to leave, when asked what’s next, they often don’t have a very good answer.
I like to see business owners at least understand how an outsider would look at their business. When an owner understands how their business looks to others, they will often make changes that don’t require them to change their personal behavior, but could change how their business works.
These changes don’t often make the business much more attractive to outsiders, but can often provide a little more breathing room and allow the owner to work towards become a passive owner.
We’ve developed an exit planning readiness report that I would like to share with you. If you click on the button below you’ll be taken to a page that explains how our readiness report works.
And, as always, let me know what your thoughts are about changing your behavior. Is this something you’re willing to do?
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