You once had a great idea, but you’re tired of operating it by yourself. You want to retire from the busy business life and want to just focus on your family and hobbies. As you grow older, you realize your priorities have changed and it’s time to let go.
But how easy is it to let go of a business you built from the ground up? These are the things to do to say goodbye properly:
Train Your Replacement
If you’re letting go and allowing a relative to take over, give them some time to adjust to the nature of the business. Your job in your last years with the company is to guide them, but don’t tell them how things should be done. They need to think independently, and you need to welcome the changes they are bringing onto the table. A good sign of a strong business is if it can adapt to changes.
Find a Good Offer
You don’t have to shutter the business completely even if you’ve decided you’re done with it. Selling a business in Utah is a good choice if you want to see your legacy continue forward, even if it’s under the management of someone else. It’s still a good story to tell your grandchildren someday. Plus, you can get a good sum for your efforts to get the business running in its early years.
You don’t have to cut ties with your business just because you’re not the one at the helm anymore. Consider being a business advisor to the new management. They might need your opinion on how to do certain things, especially if they want to be true to the vision of the business. Your opinion will be invaluable to them, and by helping them, you’re ensuring the longevity of your business.
Running a business has taught you a lot of valuable lessons in life. Even as you say goodbye to your brainchild, these lessons may still help you move on.