Finish BigBecoming Part of the Elite

7%

“The best laid plans of mice and men often go awry.” -- John Steinbeck

70-80% of businesses fail to sell

“Investment bankers, people acquiring entrepreneurial businesses, or individuals who work for an entrepreneur – anyone who deals with an entrepreneur – would do well to heed the complex drama playing in the inner world of these people; they will profit by looking beyond the surface of things.” -- Kets de Vries, INSEAD

75% of owners feel dissatisfied post-exit

7% of owners Finish Big and exit on top

Exploratory Strategic

Execution

Transition

1. Know who you are, what you want, and why2. Build the business so that it can be sold for as close

to ideal terms as possible3. Give yourself enough time measured in years, not

months3.5 If choosing a successor, you give yourself enough time to fail

4. Get help and advice from the right people – people who have been through the process

5. You do right by the people who have shared your journey

6. You analyze why potential buyers want to buy your business and what they will do in the future

7. You figure out how to become engaged with whatever comes next.

7.5 Key Factors for Exiting on Top

The paradox of success

Autonomy

Connectedness

Competence

Spontaneous“Otter”

Amiable“Golden

Retriever”

Competitive“Lion”

Methodical“Beaver”C

ogni

tive

spee

d

Cognitive bias

EmotionLogic

Slow

Fast

Risk-taking propensity

Tolerance for ambiguity

Need for goal achievement

Need for control

High innovativeness

Exit is a journey

Foolish Fred Ready Rita

Very low self awareness

Business sole source of psychological need satisfaction Identity fused with role/business

Little, if any, vision for life beyond the business

Strong identity separate from the role/business

Already living in the future beyond the business

Very high self awareness

Psychological needs met through varied sources

Moderate Michael

Foolish Fred Ready Rita

Moderate Michael

1. Be courageous

2. Know yourself

3. Know your MOM

4. Define your principles

5. Build a great team

1 Take our transition readiness survey

2 Read Bo’s book – Finish Big

3 Download “The Power of Exploration”

Allie Hardingallie@ockiwi.com | 951 833 2135@planfortransitionwww.planfortransition.com