Written by Dawn Starks, Certified Financial Planner™
To successfully transition out of your current business, have a plan—and start your planning early.
Being an entrepreneur is just like being a parent. The early days of being an entrepreneur meant sleepless nights as well as the growing pains of my “child” along the way. My entrepreneurial journey is no different than my current experience of raising my actual daughter.
While I am not there yet, I anticipate a fair amount of dread when both these children are ready to leave the nest. It’s a natural process for a child to leave the nest and begin living her own life as an adult. But to suggest a business may also mature and become independent might seem odd. I would argue that if a business owner grows the business correctly, a day will come when that business can, and should, fly on its own.
The success of this sort of transition can be smooth and easy. It can also be volatile and possibly explosive. The variation depends in large part on what type of business is in transition. If the business sells a product, it’s likely to be a far easier transition than a business that provides a service.
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