Photo taken at the “Exiting CEOS: Successful Transitions for the Family and Business” speaker event at Cal State University, December 10, 2024
Several years ago, I wrote a blog titled Most Owners Regret Exiting Their Business. Here’s Why a Business Exit Strategy Is Important in which I made the SHOCKING statement that “ONLY 5% were happy with their net proceeds from selling, and 75% regret their exit one year after leaving.”
So, I was all too excited to facilitate a speaker event titled “Exiting CEOs: Successful Transitions For The Family And Business” this past December at Cal State University Fullerton’s Center for Family Business in Fullerton, CA.
Sharing my thoughtfully prepared questions might help you think through your choices if you are exiting:
- How did you decide when it was the right time to begin planning your exit?
- What has been the most challenging part of preparing to exit the business, personally and professionally?
- What was your process for identifying and preparing your successor (if it’s a family business)?
- For so many business owners, particularly founders, the business is a big part of their identity, and moving out of the leadership role profoundly impacts how they see themselves. How has your personal life or personal identity changed?
- How has your relationship with the business evolved during the transition process?
- What advice would you give to other leaders about maintaining influence without overstepping after stepping down?
- How did you address potential concerns or resistance from employees, family members, or other stakeholders?
- What role do you see yourself playing in the business post-transition?
Want to grab a virtual coffee and chat about your thoughts/responses to these questions? Book a time on my calendar here.