With tears damming on the bottom of his eyelids, Elon Musk described his company, Tesla, as a child that needed food.
“Creating a company is almost like having a child.
So, how can you say your child should not have food?”
As a business owner, you understand Elon’s sentiment. You started this business in your youth. As a young parent, you didn’t know what you were doing. Nights were stressful. The business was hungry, and you were poor. You did the best you could, and somehow the business survived. After several years, the business stopped taking and started giving.
Years were added to your life. You got married. Had a different type of child. Your family grew. The business was always there. Your child became friends with your business. They played together and learned lessons together.
They grew up. Together.
They are still young and in their prime. You have gotten older.
The time is coming when you will pass the torch. Your children want to move into the next phase of their life. They love you, but they want to do this on their own.
You want them both to be successful and happy, but you’re struggling with letting go.
Here are 3 keys that will help you in this process.
#1: Clear out emotional obstacles.
The greatest business obstacle you will face is the love for your children.
Your love makes you protective. It makes you worry. It stops you from taking chances, and it limits growth.
Your wisdom has taught you that there are lots of things that can go wrong. Your love doesn’t want those bad things to happen to your children.
It’s hard, but you will have to let go. When you let go, you are not demonstrating a lack of love. You are letting growth happen.
#2: Teach your children to be operationally excellent.
Before you let go, train your children to make it in the world without you.
I’m a father. My kids are currently young. Service Excellence is 10. So is my daughter, Willa. Everett is 7.
My kids like to remind me of when I’m not making them “happy.” When they say that to me, I teach them this lesson:
“Guys. I love you both so much. I will always love you.
But, do you know what my job as a parent is?
It’s to raise you into successful adults. It’s not to make you happy.
I want you to be happy. I want you to have the things you want. But that’s not my job.
My job is to make sure you can make it as an adult without me.”
As a business owner, and as a parent, your job is to raise successful adults.
If your son(s) or daughter(s) want to take over your business, make sure they are ready. Raise them to be operationally excellent.
#3: Sell your business for what it’s worth.
My grandmother was Italian, and she lived with her daughter until the day she died. Granny took care of Aunt Vicki, and Aunt Vicki took care of Granny.
Your business should take care of you. Your children should want this for you.
Do not give your business away. No, sell it for what’s it’s worth.
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Successful adults do successful business deals. Even with their children.
Question: What’s your Exit Strategy?
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