Paul Clitheroe, President of the Financial Planning Association of Australia once said:
“For many people a job is more than an income — it’s an important part of who we are. So a career transition of any sort is one of the most unsettling experiences you can face in your life.”
After watching over 175 people make the decision to sell their firms, I would tend to agree with Paul. Most people play the “what-if” game about every aspect of a possible sale-
- What if my clients don’t stay with the new owner?
- What if my employees don’t like the new owner?
- What if I am not happy with my decision after the sale?
I did the same thing when I sold my own firm in 2006. All of my fears proved to be unfounded and the transition went well.
Today’s focus is on another group of people for whatever reason have made a conscious decision to ignore the fact that they will not be able to run their firms forever, and have decided to just do nothing. No sale, no merger, no bringing in a successor of any kind-Nothing!
It is certainly an owner’s choice, however I am not sure they have considered the consequences of simply doing nothing.
Just remember that if you choose to do nothing you are doing something and that something involves leaving your business for others to deal with; your spouse or other family members who most likely do not have a clue what to do, your clients who don’t know who to turn to, and your employees who will be scrambling trying to find other employment.
If you are among the number that have decided you will do nothing, please reconsider. It is the right thing to do for everyone!
It is amazing the impact of what doing nothing will do!