Whether you have a second generation to take over or need to recruit a successor, it is important to be honest about the relationship you have with your business.
This quiz will help you discover where you stand. Count your "yes" answers to the following questions:
1. Is your business less enjoyable now than before?
2. Does your business challenge and excite you less now than it did earlier?
3. Do you think of selling your business more often now than you did previously?
4. Do you find yourself complaining more often than before?
5. Has the business come between you and your loved ones?
6. Has the business begun to level off or decline?
7. Are you concerned that you no longer have the stamina your business requires?
8. Do you ask yourself "What would I do if I sold"?
9. Do you often wonder what your business is worth?
10. Would you hesitate to personally guarantee a sizeable loan in order to grow the business?
How did you score? The question is whether you should begin preparing your succession plan, or perhaps decide to sell:
If you score 0 - 3 "yes" You appear to be happy and probably quite prosperous in your business
4 - 6 "yes" Pay attention to your early warning signals. It is best not to make the mistake of staying too long. Go out on top. Sell or implement your succession process while you are still enjoying your work. Best to start the planning process early. The actual succession or sale process can take a long time.
7 - 10 "yes" Do not let time spoil the fruits of your labor. Most great men and women in history have had more than one career. It is time for you to decide that you want a change. Choose what you want to do next. Then act.