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\n\t\tOpinions expressed by Entrepreneur contributors are their own.\t<\/p>\n
Our most treasured family activity is traveling in our RV. Each year, I turn off my computer, put my phone on\u00a0do-not-disturb, and we hit the open road. After days of interstate travel, my favorite part is coasting up or down an off-ramp.\u00a0<\/p>\n
Whether my children are sleeping, playing video games or simply bothering each other, the deceleration changes the mood in the RV. Faces press against windows. Excitement builds.\u00a0\u00a0<\/p>\n
That excitement builds because\u00a0we\u2019ve\u00a0spent months planning the trip,\u00a0hyping\u00a0up the destination.\u00a0\u00a0<\/p>\n
Imagine if we\u00a0hadn\u2019t.\u00a0<\/p>\n
Imagine if we\u00a0had\u00a0just thrown clothes in a duffel bag, not knowing if\u00a0we\u2019re\u00a0headed to the desert or the mountains.\u00a0<\/p>\n
Imagine if we had three kids in the back,\u00a0not knowing\u00a0whether\u00a0they\u00a0had\u00a0days of stream exploration or history museums ahead of them.\u00a0<\/p>\n
Imagine if we arrived at a destination,\u00a0planning to eat out,\u00a0only to find\u00a0the nearest restaurant is a gas station\/diner combo 40 miles away.\u00a0<\/p>\n
While\u00a0there\u2019s\u00a0a great deal of excitement that can be gained from hitting the open road and not knowing what comes next,\u00a0there\u2019s\u00a0an even higher risk that you\u00a0won\u2019t\u00a0like what you find on the other side.\u00a0Without\u00a0the proper\u00a0planning \u2014 and communication \u2014 the kids in the back of the RV can quickly become your biggest critics.\u00a0<\/p>\n
If\u00a0you\u2019re\u00a0a business owner, that interstate off-ramp is your business exit.\u00a0It\u2019s\u00a0not your destination, but with\u00a0proper planning, you can be excited enough to press your face up against the glass\u00a0and\u00a0anticipate\u00a0what comes next.\u00a0<\/p>\n
There are three areas of readiness that you must pay attention to when\u00a0planning for\u00a0your eventual exit.\u00a0<\/p>\n
You are\u00a0likely spending\u00a0almost\u00a0all of\u00a0your time on business readiness. As a business owner,\u00a0that\u2019s\u00a0the easiest one: driving value in your\u00a0business\u00a0so\u00a0you\u2019re\u00a0building something someone\u00a0will\u00a0eventually\u00a0want to\u00a0buy.\u00a0\u00a0<\/p>\n
If\u00a0you\u2019re\u00a0finding success,\u00a0you\u2019re\u00a0likely\u00a0spending\u00a0your remaining time\u00a0on\u00a0the second area: financial readiness.\u00a0You\u2019re\u00a0building the resources to fund your post-exit life.\u00a0You\u2019ve\u00a0got a financial advisor,\u00a0and\u00a0maybe you\u00a0even have a \u201cmagic number\u201d that tells you an exit will be financially comfortable for you and your family.\u00a0<\/p>\n
The forgotten area is\u00a0arguably the\u00a0most important: personal readiness.\u00a0Like the big moment of arriving at your destination with excitement, anticipation, and preparation, personal readiness often\u00a0determines\u00a0whether an exit feels successful.\u00a0<\/p>\n
The problem is\u00a0that, as business owners, we believe our identity is our business. We become so deeply connected to our title, influence,\u00a0and routine that\u00a0they\u00a0become who we are.\u00a0<\/p>\n
So\u00a0when the phone stops ringing, weekly\u00a0touchbases\u00a0disappear from our calendar, and the business moves on with a new owner, we\u00a0don\u2019t\u00a0have any sense of self.\u00a0<\/p>\n
\u201cThe journey is the destination.\u201d\u00a0<\/p>\n
You\u00a0have to\u00a0start your personal plan now\u00a0in order to\u00a0have a sense of fulfillment post-exit. Whether you believe your exit to be five, 10, or 20 years down the road, a personal plan takes time to execute while you are still in the owner\u2019s seat.\u00a0\u00a0<\/p>\n
A personal plan\u00a0isn\u2019t\u00a0just how\u00a0you\u2019ll\u00a0spend your time\u00a0post-exit.\u00a0It\u2019s\u00a0about\u00a0identifying\u00a0your purpose,\u00a0determining\u00a0ways to execute\u00a0it, and planning\u00a0how\u00a0you\u2019ll\u00a0find fulfillment post-exit.\u00a0<\/p>\n
Wealth can fund your future.\u00a0<\/p>\n
Golf can be fun.\u00a0<\/p>\n
But neither can create meaning.\u00a0<\/p>\n
You\u00a0wouldn\u2019t\u00a0start funding your retirement account at 60.\u00a0<\/p>\n
So why are you investing in yourself so late?\u00a0<\/p>\n
Here\u2019s\u00a0how to get started:\u00a0<\/p>\n
According to PwC, 75% of business owners deeply regret exiting their business within a year of the transaction. And, according to our own research at Exit Planning Institute, only 59% of owners have a written personal plan.\u00a0<\/p>\n
That means most business owners\u00a0don\u2019t\u00a0know their\u00a0destination,\u00a0and\u00a0even more\u00a0won\u2019t\u00a0like what they find when they get there.\u00a0<\/p>\n
Just like my kids\u00a0when they are fully prepared and\u00a0hyped\u00a0for our epic RV trip,\u00a0we\u2019re\u00a0more excited when we know the destination is truly what we want. Investing your time and energy into making sure your destination is the correct one \u2014 and planning for that \u2014 is the only way\u00a0we\u2019ll\u00a0get that \u201cface pressed up against the glass\u201d feeling in our post-exit life.\u00a0<\/p>\n<\/p><\/div>\n
Our most treasured family activity is traveling in our RV. Each year, I turn off my computer, put my phone on\u00a0do-not-disturb, and we hit the open road. After days of interstate travel, my favorite part is coasting up or down an off-ramp.\u00a0<\/p>\n
Whether my children are sleeping, playing video games or simply bothering each other, the deceleration changes the mood in the RV. Faces press against windows. Excitement builds.\u00a0\u00a0<\/p>\n
That excitement builds because\u00a0we\u2019ve\u00a0spent months planning the trip,\u00a0hyping\u00a0up the destination.\u00a0\u00a0<\/p>\n<\/p><\/div>\n