Emotional preparation for exiting your business

• One of the most important emotional preparation considerations when exiting your business is learning to emotionally detach from the company. For many entrepreneurs, their business is a huge part of their identity and letting go can be difficult. This is why it’s important to start thinking about the business as a separate entity from oneself and to begin mentally preparing for the transition.
• Many business owners may experience a fear of failure when exiting their business. This can be due to the fact that the business has been their main source of income and identity for a long time. It’s important to remember that this is a natural feeling and that failure is not the end. It’s important to focus on the lessons learned and the opportunities that the future holds.

• Exiting a business can also be an emotional process of grief and loss. Business owners may feel a sense of loss for the company they built, the employees they’ve worked with, and the lifestyle they’ve become accustomed to. It’s important to understand that this is a normal part of the process and to allow oneself time to grieve.
• It’s important to start thinking about what you want to do next. This can be a difficult task, as many entrepreneurs may have difficulty envisioning themselves outside of their business. However, it’s important to start planning for the future and to consider what new opportunities may be available. This can include taking a much-needed vacation, starting a new business, or pursuing a hobby or passion that has been put on hold.

• Lastly, it’s important to surround themselves with a support system during the exit process. This can include family, friends, and professional advisors. These individuals can provide emotional support, guidance and a sounding board for decisions.

Exiting a business can be an emotional and difficult process. However, by emotionally detaching from the business, facing the fear of failure, allowing oneself to grieve, planning for the future and surrounding oneself with a support system, the transition can be made smoother. Remember to take the time to care for yourself and your emotional well-being during this process.

Who is ActionCOACH’s Business Coach Mark Dilks?

Mark Dilks is an accomplished business leader, experienced coach, mentor and business builder. He supports business owners, executives and teams across Milton Keynes, Bedford, Northampton, Luton & Dunstable in all aspects of building profitable high growth businesses; from start-up phase all the way through to maturity and divestment. No matter what challenges you are facing, Mark will invariably have encountered a similar situation previously and will be able to support you to quickly and efficiently overcome your business hurdles by sharing examples of how other business have solved similar problems that you are experiencing. He is motivated, driven, tenacious and is able to get the very best out of all the resources available to his clients and to ensure that the maximum results possible are achieved.