Selling a business? Do you have a plan for life after the deal?
For most entrepreneurs, their business fuels the fire in their bellies.
It’s what drives them through 16-hour days.
But what happens when that fuel is gone?
Frankly, few entrepreneurs give it much thought. There’s no time. They’re too busy running their businesses. But it’s a vitally important consideration, says a business exit specialist who will be speaking at a conference in Edmonton this May.
“When these owners are fully engaged in their business they’re mostly dealing with challenges relating to their business,” says Lynne Fisher, an Edmonton-based business exit consultant with MNP, one of Canada’s largest accounting and consulting businesses.
There inevitably comes a time for entrepreneurs to make an exit, whether that’s selling to a third party or passing the keys to the next generation. And that constant “go, go, go” sense of purpose is often lost when they hand over the reins.
Planning for After the Exit is one of many topics entrepreneurs can learn about at the upcoming Business Transitions Forum taking place May 17 at the Westin hotel in downtown Edmonton.
For local area entrepreneurs it is a rare but important opportunity to learn about the often-overlooked last chapter of owning a business, says one of the event’s co-creators, David Tyldesley, vice-president and co-founder of Cube Business Media Inc.
“We bring business owners together who are not just looking to exit their business,” he says.
“It’s an opportunity to drive value and make their business more successful because, ultimately, these same concepts also help make a transition successful.”
The event has been running for a few years in Vancouver, Calgary and Toronto. It has been wildly popular for good reason — the seminars and networking events focus on topics relevant to transitioning out of a business.
“Many focus on making the deal itself along with important aspects like taxation — really, the nuts and bolts that ultimately help you build value in your business,” Tyldesley says.
But the Edmonton event offers a new twist, a chance to examine the equally important soft issues — questions such as what you do after you sell your business.
Fisher, a leading expert on the subject who will be sitting on a discussion panel, says business owners rarely explore this frontier.
“The problem is owners can be myopic, focusing only on the transaction itself,” she says.
“I’ve had business owners say to me, ‘I’ve never thought about this before, but what am I going to do at the end of all this?’ ”
A smooth and enjoyable transition can be made with detailed planning, Fisher adds.
“That’s where we can help them answering questions like, ‘Who am I now without my business?’ and ‘What’s next for me?’ ”
Visit businesstransitionsforum.com/Edmonton for more information.