Big Grower September 2021 - 8

MANAGEMENT
MAKING THE TRANSITION:
You Need to Grieve it to Leave it
BY CHRIS CIMAGLIO
Do you have a strategy for the emotional side of career transition and exit planning?
A
few minutes into our phone call, our client began to cry. Working
on their career transition and preparing to sell their nursery, it
suddenly hit them that their nursery business was their " baby " that
they had spent over 30 years nurturing, and the fact they were moving
on brought tears of joy and sadness. We
empathized with them, and they began to
apologize for their emotions. " There is no
need to apologize. This is all positive, " we
said. " You are grieving the business, and
this is an important part of your journey
and transition to what's next. "
According to an Exit Planning Institute
(EPI) report, over 75% of business owners
who sell their business profoundly
regret it within a year after the sale.
Many owners end up grieving the loss
of their business for years. Many say
they have lost their identity and their
reason for being. How do we avoid this
seller's remorse, and what steps can we
take during the exit planning process to
mitigate these feelings of regret?
Chip Conley, founder of the Modern
Elder Academy, says, " We need to stop
retiring from something and retire to
something. There are three values people take from their company
ownership - a sense of purpose, wellness and community. They
8 SEPTEMBER 2021
Grieving the loss
of a business is not a
seamless process, and
there will be flip flops
back and forth between
the emotional stages.
seemingly lose all three when they retire, and it can even accelerate their
mortality by several years. "
During the exit planning process, it is important to plan where the
owner will find their purpose, wellness and community after the sale
or outline a personal vision of what life
looks like after the business. It helps frame
and answers the question, " What are we
retiring to? " In addition, when working
with owners on their emotional readiness
for the transition, " preparatory grief "
or dealing with grief before the event
happens is another way of preparing for
the day they sign the papers and hand over
the keys.
In 1969, psychiatrist Elisabeth K├╝blerRoss
identified five stages of grief in
her book, " On Death and Dying. " She
noted that those experiencing grief on
losing a loved one (and a business can be
considered a " loved one " ) go through five
emotional stages: denial, anger, bargaining,
depression and acceptance.
There is consistency when these
five stages are applied to exit planning.
According to Patrick Downing, a
psychologist who has worked with exiting business owners, " Grieving
the loss of a business is not a seamless process, and there will be flip

Big Grower September 2021

Table of Contents for the Digital Edition of Big Grower September 2021

Big Grower September 2021 - 1
Big Grower September 2021 - 2
Big Grower September 2021 - 3
Big Grower September 2021 - 4
Big Grower September 2021 - 5
Big Grower September 2021 - 6
Big Grower September 2021 - 7
Big Grower September 2021 - 8
Big Grower September 2021 - 9
Big Grower September 2021 - 10
Big Grower September 2021 - 11
Big Grower September 2021 - 12
https://www.nxtbook.com/greatamericanmediaservices/GPN/july-2024
https://www.nxtbook.com/greatamericanmediaservices/GPN/june-2024
https://www.nxtbook.com/greatamericanmediaservices/GPN/may-2024
https://www.nxtbook.com/greatamericanmediaservices/GPN/april-2024
https://www.nxtbook.com/greatamericanmediaservices/GPN/march-2024
https://www.nxtbook.com/greatamericanmediaservices/GPN/february-2024
https://www.nxtbook.com/greatamericanmediaservices/GPN/january-2024
https://www.nxtbook.com/greatamericanmediaservices/GPN/2024-guide-to-cannabis-production
https://www.nxtbook.com/greatamericanmediaservices/GPN/november-december-2023
https://www.nxtbook.com/greatamericanmediaservices/GPN/october-2023
https://www.nxtbook.com/greatamericanmediaservices/GPN/new-varieties-digital-guide-2024
https://www.nxtbook.com/greatamericanmediaservices/GPN/september-2023
https://www.nxtbook.com/greatamericanmediaservices/GPN/august-2023
https://www.nxtbook.com/greatamericanmediaservices/GPN/july-2023
https://www.nxtbook.com/greatamericanmediaservices/GPN/big-grower-july-2023
https://www.nxtbook.com/greatamericanmediaservices/GPN/june-2023
https://www.nxtbook.com/greatamericanmediaservices/GPN/may-2023
https://www.nxtbook.com/greatamericanmediaservices/GPN/april-2023
https://www.nxtbook.com/greatamericanmediaservices/GPN/big-grower-april-2023
https://www.nxtbook.com/greatamericanmediaservices/GPN/2023-guide-to-hemp-production
https://www.nxtbook.com/greatamericanmediaservices/GPN/march-2023
https://www.nxtbook.com/greatamericanmediaservices/GPN/february-2023
https://www.nxtbook.com/greatamericanmediaservices/GPN/big-grower-january-2023
https://www.nxtbook.com/greatamericanmediaservices/GPN/january-2023
https://www.nxtbook.com/greatamericanmediaservices/GPN/2023-guide-to-cannabis-production
https://www.nxtbook.com/greatamericanmediaservices/GPN/november-december-2022
https://www.nxtbook.com/greatamericanmediaservices/GPN/big-grower-october-2022
https://www.nxtbook.com/greatamericanmediaservices/GPN/october-2022
https://www.nxtbook.com/greatamericanmediaservices/GPN/gpn-new-varieties-digital-guide-2023
https://www.nxtbook.com/greatamericanmediaservices/GPN/september-2022
https://www.nxtbook.com/greatamericanmediaservices/GPN/august-2022
https://www.nxtbook.com/greatamericanmediaservices/GPN/big-grower-july-2022
https://www.nxtbook.com/greatamericanmediaservices/GPN/july-2022
https://www.nxtbook.com/greatamericanmediaservices/GPN/june-2022
https://www.nxtbook.com/greatamericanmediaservices/GPN/may-2022
https://www.nxtbook.com/greatamericanmediaservices/GPN/big-grower-april-2022
https://www.nxtbook.com/greatamericanmediaservices/GPN/april-2022
https://www.nxtbook.com/greatamericanmediaservices/GPN/march-2022
https://www.nxtbook.com/greatamericanmediaservices/GPN/february-2022
https://www.nxtbook.com/greatamericanmediaservices/GPN/cannabisguide-2022
https://www.nxtbook.com/greatamericanmediaservices/GPN/hempguide-2022
https://www.nxtbook.com/greatamericanmediaservices/GPN/newvarieties-2022
https://www.nxtbook.com/greatamericanmediaservices/GPN/big-grower-january-2022
https://www.nxtbook.com/greatamericanmediaservices/GPN/january-2022
https://www.nxtbook.com/greatamericanmediaservices/GPN/december-2021
https://www.nxtbook.com/greatamericanmediaservices/GPN/big-grower-november-2021
https://www.nxtbook.com/greatamericanmediaservices/GPN/november-2021
https://www.nxtbook.com/greatamericanmediaservices/GPN/october-2021
https://www.nxtbook.com/greatamericanmediaservices/GPN/big-grower-september-2021
https://www.nxtbook.com/greatamericanmediaservices/GPN/september-2021
https://www.nxtbook.com/greatamericanmediaservices/GPN/august-2021
https://www.nxtbook.com/greatamericanmediaservices/GPN/big-grower-july-2021
https://www.nxtbook.com/greatamericanmediaservices/GPN/july-2021
https://www.nxtbook.com/greatamericanmediaservices/GPN/june-2021
https://www.nxtbook.com/greatamericanmediaservices/GPN/may-2021
https://www.nxtbook.com/greatamericanmediaservices/GPN/april-2021
https://www.nxtbook.com/greatamericanmediaservices/GPN/big-grower-march-2021
https://www.nxtbook.com/greatamericanmediaservices/GPN/march-2021
https://www.nxtbook.com/greatamericanmediaservices/GPN/february-2021
https://www.nxtbook.com/greatamericanmediaservices/GPN/cannabisguide-2021
https://www.nxtbook.com/greatamericanmediaservices/GPN/hempguide-2021
https://www.nxtbook.com/greatamericanmediaservices/GPN/newvarieties-2021
https://www.nxtbook.com/greatamericanmediaservices/GPN/big-grower-january-2021
https://www.nxtbook.com/greatamericanmediaservices/GPN/january-2021
https://www.nxtbook.com/greatamericanmediaservices/GPN/december-2020
https://www.nxtbook.com/greatamericanmediaservices/GPN/big-grower-november-2020
https://www.nxtbook.com/greatamericanmediaservices/GPN/november-2020
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https://www.nxtbook.com/greatamericanmediaservices/GPN/big-grower-september-2020
https://www.nxtbook.com/greatamericanmediaservices/GPN/september-2020
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https://www.nxtbook.com/greatamericanmediaservices/GPN/big-grower-july-2020
https://www.nxtbook.com/greatamericanmediaservices/GPN/july-2020
https://www.nxtbook.com/greatamericanmediaservices/GPN/june-2020
https://www.nxtbook.com/greatamericanmediaservices/GPN/may-2020
https://www.nxtbook.com/greatamericanmediaservices/GPN/april-2020
https://www.nxtbook.com/greatamericanmediaservices/GPN/californiaspringtrials-2020
https://www.nxtbook.com/greatamericanmediaservices/GPN/big-grower-march-2020
https://www.nxtbook.com/greatamericanmediaservices/GPN/march-2020
https://www.nxtbook.com/greatamericanmediaservices/GPN/february-2020
https://www.nxtbook.com/greatamericanmediaservices/GPN/cannabisguide-2020
https://www.nxtbook.com/greatamericanmediaservices/GPN/hempguide-2020
https://www.nxtbook.com/greatamericanmediaservices/GPN/big-grower-january-2020
https://www.nxtbook.com/greatamericanmediaservices/GPN/january-2020
https://www.nxtbook.com/greatamericanmediaservices/GPN/december-2019
https://www.nxtbook.com/greatamericanmediaservices/GPN/big-grower-november-2019
https://www.nxtbook.com/greatamericanmediaservices/GPN/november-2019
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https://www.nxtbook.com/greatamericanmediaservices/GPN/big-grower-september-2019
https://www.nxtbook.com/greatamericanmediaservices/GPN/september-2019
https://www.nxtbook.com/greatamericanmediaservices/GPN/august-2019
https://www.nxtbook.com/greatamericanmediaservices/GPN/big-grower-july-2019
https://www.nxtbook.com/greatamericanmediaservices/GPN/july-2019
https://www.nxtbook.com/greatamericanmediaservices/GPN/june-2019
https://www.nxtbook.com/greatamericanmediaservices/GPN/may-2019
https://www.nxtbook.com/greatamericanmediaservices/GPN/april-2019
https://www.nxtbook.com/greatamericanmediaservices/GPN/californiaspringtrials-2019
https://www.nxtbook.com/greatamericanmediaservices/GPN/big-grower-march-2019
https://www.nxtbook.com/greatamericanmediaservices/GPN/march-2019
https://www.nxtbook.com/greatamericanmediaservices/GPN/february-2019
https://www.nxtbook.com/greatamericanmediaservices/GPN/undercontrol-2019
https://www.nxtbook.com/greatamericanmediaservices/GPN/big-grower-january-2019
https://www.nxtbook.com/greatamericanmediaservices/GPN/january-2019
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