I recently sat down with Chris Daems on the What Happens Next podcast to discuss the reality of selling a business. We talked about the elephant in the room: why so many successful founders put off planning until it’s too late. You can listen to the full podcast here.
The “It Won’t Happen to Me” Trap
In the interview, we discussed a disturbing statistic: 61% of businesses lack a formal succession plan. Often, this procrastination stems from the “Founder’s Dilemma” a mix of exhaustion, loyalty to staff, and a fear of the unknown.
The danger of waiting is that your exit might eventually be decided for you by the “5 Ds”: Disagreement, Divorce, Disaster, Disability, or Death. When one of these dictates your timeline, you lose the ability to shape your legacy.
Passing The “Supermarket Test”
Succession isn’t just about the biggest valuation; it’s about peace of mind. A simple concept Chris, mentioned is the “Supermarket Test.“
Imagine walking into your local supermarket six months after you’ve sold your company. You bump into a former client or a long-term employee. Do you feel like you can look them in the eye, knowing you left them in safe hands? Or do you turn down the aisle to avoid them?. That feeling is your true legacy.
Defining “What Happens Next”s
The biggest barrier to exiting isn’t usually the market; it’s the question: “Who am I without my business?”
Identity and purpose are the hardest things to let go of. But a planned exit puts you back in control. It allows you to design a transition that honours your past while securing your future well-being.
Ready to Find Clarity?
You don’t have to navigate this emotional complexity alone. Whether you are worried about your team, your legacy, or your next chapter, the first step is simply understanding where youu stand today.
- Curious about your readiness? Take our free Succession Readiness Quiz to see how prepared you really are.
- Need a sounding board? Try The Founder’s Compass, our new AI tool designed to help you confidentially explore your exit options without the pressure of anyone else being present.