Some work days cause us to be more reflective than others. I had one of those days recently. As I collected my thoughts at the end of that day the conversations and the personalities played through my mind.

86 years old and still showing up for work!

My first meeting of the morning was with an 86 year old business owner who is still active in his business every day. He likes what he does and envisions a great future for himself and the 15-20 people he employees. “What does business transition look like for you?” I asked.

33 years old with immediate exit plans!

My next meeting was with a 33 year old business owner running a “high tech”, start up company. He only has a few employees. However, the company is capitalized with many very significant investors who believe in the creative idea this enthusiastic entrepreneur is soon to launch into the internet world. If the launch is successful, the company will immediately go public. His strategy for business exit is very well defined, as is the time line.

Planned to last!

And then later in the day I met with an owner in his 70’s. The success of his business hinges on intellectual property that he has masterminded. He continues to be passionate about his business, not only because of the satisfaction it brings him, but even more so because it supports philanthropic work he is passion about. The passion for business and the passion for philanthropic endeavours are so intertwined that a discussion about exiting the business is akin to reneging on one’s purpose for living.

So, what is the best time to exit?

Various definitions of a successful exit from a variety of age groups were compacted into one day for me. Once again I saw very successful business people with different perspectives on what exiting their business is all about.

• For the 86 year old owner, success means leaving a legacy that provides a good career and a lifestyle for the people that have helped him build the business to what it is today.
• For the high tech entrepreneur success means rewarding investors for supporting an idea and then being able to convince them to do it all over again.
• For the third person success means ensuring business continuity to fund a foundation which is focused on making the world a better place.

None of these owners suggested a successful exit means cashing out at a certain age to live a retirement dream. They have much bigger fish to fry than that and they want to be certain they are positioned for that to happen.

Being able to identify and articulate what a successful transition looks like takes thinking and planning and most often involves a team of advisors to interact with. People who know how to help you move the process along. That’s where we come in. Having the kind of conversations I had on that memorable day and then staying around until a plan is in place.

Who are you talking to about concerning your views of a successful exit? Contact us… we can help.