What factors into the right “mindset” to exit a business?
“Mindset” can mean many things to many people. Athletes hone their mindset for top performance as they train day in and day out. Leaders focus on their mindset so their team can look to them with confidence. Life coaches and motivational speakers bring up mindset as a key to success, which to their audiences means building a business, not exiting one.
As we help business owners navigate big changes, mindset is an important measure of how ready they are to step back and transition to more freedom and flexibility. Yet it’s very different from the performance-based mindset an owner likely has become familiar with as they strive to build up their business. In fact, that “keep grinding” mindset is the opposite of what we hope to cultivate in business owners so they can exit successfully.
Instead of considering the mental stamina needed to work 80 hours a week, think about how your mindset incorporates gratitude, satisfaction, and emotional awareness. How much you care about others, and whether you feel they genuinely care about you, plays a role in Mindset as a readiness indicator. Do you harbor any resentments, and are you happy with the life you’ve lived so far?
Mindset is also influenced by your expectations for the future. Do you generally have a positive outlook? Do you feel in control of how you spend your time now? How much optimism do you feel for your life after the business?
While Mindset is a separate indicator from Legacy, how you feel about your accomplishments will factor into Mindset. Business owners who feel they have made, and are making, a meaningful impact in the world tend to have a more resilient mindset as they transition out of ownership.
Mindset is an important part of how emotionally ready you are to let go of owner responsibilities. It’s not too early to begin examining your mindset. How well prepared a business owner is across all six indicators of personal readiness will determine how they make (or delay) decisions that affect the value of their business at any stage.
Personal readiness must not be an afterthought in your exit plan. Owners who begin the process with a steady Mindset, or who learn how to work on it along with the other personal readiness indicators, are more successful in all areas of exit planning and — perhaps most importantly — they are able to enjoy their lives after business ownership to the fullest.
Take some time to learn about your current Mindset and other personal readiness indicators with our online Beyond Soaring Index, then schedule an appointment to speak with us on next steps.