4 Drivers of a Satisfying Exit - Why You Think What You Think
Why You Think What You Think - Beliefs, Attitudes, and Values Impact Your Exit Planning Readiness.
Have you ever tried to change someone’s mind but found them rooted in their thinking and unwilling to budge? David McRaney, author of How Minds Change: The Surprising Science of Belief, Opinion, and Persuasion defines Beliefs, Attitudes, and Values as:
Beliefs: an estimation of your confidence in the truth or falsity of a piece of information.
Attitudes: are positive or negative evaluations of something.
Values: are an estimation of what is most important and most worth our time.
Everyone’s mind is filled with a combination of these three factors to impact What We Think.
WHAT WE DO WITH NEW INFORMATION
When we Assimilate, we put new information into existing buckets in our brains. We say yeah been there done that.
When we Accommodate, we realize we don’t have an existing bucket to deposit the information and we must update our buckets to make our Thinking more complete.
Now, this new bit of information is no longer an anomaly but rather a new layer of understanding we can draw upon.
The key then becomes to find a journey for change that aligns with some existing buckets but then also adds layers of depth to understand one’s thinking.
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TURNING INWARD TO CHANGE OUR OWN THINKING
Now, what if we turned around the approach. Instead of changing another’s mind, what if we are trying to change our own? Ask yourself this question. “Am I right about everything?” Almost everyone would say no but when tasked to list them out, the task becomes difficult.
Your Beliefs, Attitudes, and Values impact your readiness to Exit Your Business in very direct ways.
Most Business Owners Regret Their Exit. (75% after one year)
"Many owners (who have sold) find themselves dealing with unanticipated regret, fighting with depression and desperately in need of a new identity and a sense of purpose."
-Bo Burlingham Author, Finish Big
4 Drivers of a Satisfying Exit
First Driver: Future Vision - Getting a Clear Picture
The first driver of a happy - and lucrative exit — is what we call “future vision”.?
Most owners get pushed out of their business, but the happiest exits occur when an owner has an equal or greater number of pull factors. Push factors would include things like the need to retire or a health scare.
The happiest exits involve owners who have something pulling them out of their business — a vision for something they want to do in the future.
37% of all respondents have more push factors.
63% have more or same amount of pull factors.
Owners have more push than pull factors … And are more likely to regret their exit post-sale.
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Healthy PULL Factors
Second Driver: Structured Flexibility
The second driver of a happy and lucrative exit is called "Structuring Flexibility” which describes an owner’s willingness to consider multiple exit scenarios. A lot of founders make the mistake of approaching their exit with a rigid vision of how they see?their exit. They imagine an acquirer writing them an outlandish check in exchange for the keys which the owner hands them as they ride off into the sunset.?
As we know, this is virtually never the case. Most founders will have to stay on to help a new owner transition into their business. The more flexible an owner is as they approach their exit — keeping all of their options open — the more buyers will be interested in exploring a deal.
More buyers at the table means more competition which in turn leads to higher valuations and better deal terms for the founder which is why being flexible about how a deal is structured leads to better exits.?
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Third Driver: Personal Detachment
The third driver of a happy exit is the degree to which the founder's ego is dependent on his status as the owner of his company. Here we look at how long an owner has owned their business for, how much of it they own and whether their name is on the door. All of these factors can lead to an owner becoming unwilling or unable to let go. For a happy exit, they need to have healthy life outside of their business.?
1 Out of 5 Owners Have Their Name On The Door
Here, Steve Murch shows us the way. Murch has had four exits including his first and most spectacular, the sale of?VacationSpot.com?to Expedia for $87 million.
Since then, Murch has gone on to sell four other businesses including most recently, the sale of his recipe app BigOven (which enjoyed 13 million downloads and 4 million subscribers) to the grocery giant, Aisle Ahead Inc.
Far from being a workaholic, Murch has built an amazing life for himself away from his businesses: he’s a cyclist, skier, involved father of three, attentive husband who is the head chef in his house (which is how he came up with the idea for BigOven in the first place!). He’s an active political commentator who travels extensively. Throughout his four exits, he’s never been too personally attached to any of them. None of them bore his name and he always kept a healthy distance — being careful not to be too personally attached to any one of his businesses.?
Fourth Driver: Team Involvement
The fourth factor which leads to a healthy exit is being proactive about how you want to treat your team as part of the exit process. This is a deeply personal issue for founders, some of whom would prefer not to tell employees for fear of word getting out among competitors
Others can’t imagine the duplicity of asking employees to join them in their business only to turn around and sell it from under their nose.?
There is no one-size-fits all “right” answer to how a founder treats her team — the only truly wrong answer is to not think it through proactively.?
HOW READY ARE YOU?
Find out and get your Personal PreScore.
Click the Link: https://score.valuebuildersystem.com/prescore/saliaris-consulting-group/dave-saliaris
As a Certified Exit Planning Advisor, (CEPA) and Certified Value Builder (CVB) my services are the ideal partner for Business Owners looking to build value for the future, streamline their operations, or conduct a brand overhaul. Our comprehensive consulting process will quickly identify the gaps and build healthy solutions to address them.
?If that intrigues you, I’d love to hear your feedback.
Why settle when you can achieve your personal best in business and life?
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Dave Saliaris
614-230-5216