Do you have a strategy for your company? You’re probably like most successful business owners and executives and have a clear strategy for your firm.
When we ask clients to share their strategy, they automatically reply “to grow my company,” or “to increase revenues.” While you may or may not have a written plan, you’ve probably identified a clear path to take in order to achieve your strategy.
… but what about your strategy for your personal life? Have you taken time to define it? You’re probably thinking, who has time – “I work ALL the time.” But if you don’t take time to create a strategy for your personal life, how will you ever achieve it?
“If you don’t know where you are going, you’ll end up someplace else.” – Yogi Berra
We work with individuals exiting their businesses – whether it’s passing it on to the next generation, selling it, or liquidating it. Sometimes the decision to exit surfaces unexpectedly – from an unsolicited offer, divorce, partnership break-up, disability, or illness.
We also work with executives facing retirement. Sometimes caused unexpectedly and early due to restructuring or an acquisition.
Most business owners and executives are so busy working that they forget to look at the overall picture of life – which includes their personal life. So when this tough decision to exit surfaces, they begin to question their own identity – mainly because they defined themselves through their work. If they had a broader strategy including their personal life, this next step would be less daunting.
Bill owns a very successful manufacturing business. He received a very attractive unsolicited offer to sell his business. The buyer had plans to integrate Bill’s manufacturing business into its overall business. Bill’s company would be part of a larger organization giving both employees and customers more options. This sale would take Bill’s company to the next level – something Bill would not have been able to do on his own.
Initially, Bill was excited about this offer – who wouldn’t be, it’s what every business owner dreams. As Bill got closer to the sale date, his excitement started diminishing.
Bill always saw himself as CEO of a successful manufacturing business but he never established a vision for beyond that point. His fear of the unknown caused him to pull out of the deal – a loss for him, his company, and his clients.
If Bill would have taken time earlier to establish a vision for his entire life – work and personal life – he would have had more confidence in embracing the next chapter of life.
Maybe you’re not like Bill, but through his story you have a better understanding of the importance of expanding your strategy to include both your work and personal life. We help business owners and executives develop a Life Strategy using the 5 P’s of Life. Our process is defined and similar to developing a business strategic plan.