What does “Identity” mean when it comes to personal readiness?
“Identity” as we refer to it means your sense of purpose both inside and beyond the business. How these align with an owner’s current role in their business will indicate how ready they are (or aren’t) to separate from that business.
First, do you see yourself as the only person capable of running your business? This is a double-edged sword, as becoming a “critical keeper” comes with a sense of pride for many people. Who doesn’t want to feel indispensable? Yet, if you are needed all the time — or at least think you are needed all the time — you don’t own a valuable or transferable business, you merely have a glorified job. Some owners let this sense of being needed at work become their whole identity, and this boxes them in.
The “Identity” category also explores how fulfilling you find your life without work responsibilities. What is your purpose or title outside of business? How do you spend time with your spouse, family members, and friends? When a business owner slowly gets absorbed by their work life, year after year, relationships don’t necessarily crumble in a spectacular fashion — they might simply end up in the background, fading away. It’s necessary to examine the things defining your identity outside work (relationships, volunteer pursuits, hobbies, or community involvement) and see if they are where you want them to be.
The time to start creating an away-from-work identity is now, not some distant future when you go from working 80 hours a week to being completely uninvolved with your former business.
Personal readiness is more than just an exercise in finding inner peace or understanding your emotions as a big transition nears. It can have a serious impact on your everyday decisions and how you manage other aspects of your business. If you, personally, are not ready to imagine yourself away from your business, then you will — consciously or not — put off the work necessary to lower owner dependence and raise the value of that business.
Separating from your business should not hit you like the death of a loved one, yet some business owners are surprised when they feel grief and a loss of identity upon selling the company they built. An unprepared owner might line up a deal then walk away from the closing table as they realize their identity is too connected to running their business.
Our new Beyond Soaring Index will give you a good idea of your personal readiness to separate you from your business, whether you envision that happening soon or ten years from now. Give us a call so we can begin working toward a new level of freedom.