What Matters Most
Your Exit/Transition Objectives
Identifying Objectives
We have seen first-hand how challenging it is for many business owners to address issues involved with exiting their businesses. For active, productive, results-oriented individuals, the idea of leaving their business typically scares them. It’s a major reason why they procrastinate on planning for it.
We address this barrier head on and call it “Activement”® – living a productive, fulfilling life that most satisfies an owner, while they are released from the day-to-day stress and responsibility of managing their business. Isn’t that more appealing to owners than the traditional concept of retirement?
There are so many things that owners may choose to achieve in their “Activement”® phase of life, including continuing to work in their business should they choose, exploring travel opportunities, spending more time with family or within their communities and/or places of worship, pursuing charitable or volunteer activities and much, much more.
Activement®
“Activement”® is what I can look forward to when my role in the business will be dramatically different than it is today
“I want to do more of the things that I truly enjoy. And to do them with the passion and dedication that I’ve applied to my business throughout the years!”
“I want an active and fulfilling lifestyle! Not retirement!”
“I want to spend more time with family and friends!”
“I want to continue to play an important role in my community, and possibly within my industry!”
In the process of identifying one’s personal objectives, we urge all to begin with…
Daring to Dream
John, consider those options that best describe your future. A few “general” examples that come up frequently in planning sessions conducted by advisors are:
- Focusing on hobbies
- Developing new talents
- Traveling more than three months/year
- Organizing family activities
- Educating or learning
- Addressing health or fitness issues
- Volunteering and/or community involvement
- Becoming more ‘spiritual’
You can likely respond quite quickly and intuitively as to what’s important to you, and what your primary Activement® objectives and activities might include. But identifying them is not enough. They must be well integrated with a related financial plan that provides the complete picture of what life after business might be for you. Your ‘Dare to Dream’ objectives need to be reasonable, feasible, practical, and then you must be prepared to make them a reality, or these objectives will simply remain only dreams.
A Process of Discovery:
What Matters Most?
“A vision without a plan is just a dream. A plan without a vision is just drudgery. But a vision with a plan can change the world.”
Advisors often use a Glass Door Process to visualize life “after business” – or as they like to call it discovering what's on “the other side of your glass door.” At some point in the future – The Transition Date – you will move through that doorway to your post transition lifestyle. From your present vantage point, what do you currently see on the other side? Is it clear or is it hazy?