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Taking a step back: Planning a successful industry exit through emotional detachment

Reeves Financial Services

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Navigating an industry exit can be emotionally challenging, as it’s not just about leaving the company behind, but also your life and identity as a business owner. Achieving emotional detachment is therefore essential to ensuring a smooth transition with minimal disruption.


The impact of emotions on your exit


Achieving emotional detachment is easier said than done. Exiting your business is an emotional journey often filled with a complex mix of feelings. Learning to manage these feelings and detach yourself is a vital part of the exit as otherwise, they may cause hindrances to your strategy. For example, if you feel particularly sentimental and unhappy at the thought of leaving it may delay or even stop your plans which can cause potential buyers to reconsider their offers.


Your emotions can also affect the operation of the business by clouding your judgment, causing you to not think clearly and rationally. You may appoint the wrong people to lead the business, or delay handing down your responsibilities to others, resulting in your business being overly dependent on you to run. Maintaining clarity and objectivity through detachment is therefore the key to ensuring a smooth transition and the long-term success of the business after your departure.


The importance of an exit plan

One way to reduce the stresses of uncertainty is by establishing a clear exit plan.

With a well-thought-out plan, you’ll know exactly what is happening and when and this can help you emotionally prepare for the upcoming events. It also helps you to stay committed to a set exit timeline which minimises the risk of delays and obstacles.


Emotional detachment can be challenging, so giving yourself the best chance of achieving it is critical. Feelings of unpreparedness or doubt make it harder for you to let go and step back but a strong exit plan will help ensure you are confident that everything will run smoothly and be well taken care of upon your departure. By planning ahead, you can ease the stress for yourself and your employees, creating a painless and predictable transition.


A Problem Shared…

While it may not feel like it at the time, you are certainly not alone.

Many ex-business owners have gone through a similar process and come out on the other side. Connecting with these people, especially those who have experience of leaving a similar industry, is very powerful. Just as with a support group, it helps to discuss your feelings with those who can understand first-hand what you’re going through and offer insights.


Talking with a professional can also be a beneficial step as they have many years of experience in dealing with people just like yourself and know the complexities of emotions that can be felt when stepping away from a business. They can provide practical advice and keep you on the right track when your emotions threaten to get the better of you. By helping you create a polished exit plan, they will help you feel more in control of the situation, which will support your emotional detachment.


Lastly, don’t ignore those closest to you! While they may not be able to provide you with specific advice, having conversations with friends and family is a great step towards processing your feelings. With their compassion and care, they can help support you in planning a future to look forward to.


What comes next?

Of course, there’s not just the actual leaving to think of, there’s also what comes after. How do you get used to your new life? Some may embrace their new freedoms, while others may find it more difficult.


Leaving your business can strain personal relationships as you navigate the transition. Open and honest communication about your feelings with those around you is essential. Sharing your emotions early can prevent them from building up and causing greater tension down the line.


Having something to fill your time with can also be a valuable tool for lessening the aftermath of leaving. Just because you have exited your business, doesn’t mean you have to give up working entirely. You may decide to take up a similar freelance role or become a consultant which can help fill your time and give you a sense of purpose, without the burden of a full 9-5.


If that doesn’t appeal to you, but you’d still like to put your time and skills to good use, why not consider volunteering? It’s a great way to do good while alleviating some of the potential boredom. There are many causes you can volunteer for, and the positive feelings from giving back can help counteract some of the negative emotions from the aftermath of your exit.


For many, this period in their life is the perfect time to take up a new hobby. Why not see what local clubs you can join, or communities you can get involved in? Maintaining personal connections and socialising is critical as you lose the everyday interaction and socialisation that comes with work. However, with that in mind, many people form strong friendships with their colleagues over the years, so make sure to stay in touch!


Time is the best thing in this situation – inevitably there will have to be a transition period as you get used to the new way of life, but making sure you have people there for you and finding positive things to fill your time with can help hurry the process along.


Are you looking to sell your IFA?

With our wealth of knowledge and experience, Reeves will work with you to create an exit plan that works for you and your business. We understand the complex emotional and practical intricacies of selling, and will ensure the transition is as painless as possible for you, and your client bank. Speak to us today.


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Reeves Financial Services, National Advice Centre, Park View House, Benton, Newcastle Upon Tyne, NE7 7TZ

Reeves Wealth Management; Reeves Family Office; Reeves Partners; Reeves Property & Pensions; Reeves Investment Services are trading styles of Reeves Financial Services Limited which is Authorised and Regulated by the Financial Conduct Authority under the FCA financial services register no. 187607. Company Registration no: 03586020, Registered Office Address, Reeves Independent, National Advice Centre, 2nd Floor, Park View House, Front Street, Benton, Newcastle Upon Tyne, NE7 7TZ. Registered in England and Wales. The guidance and/or advice contained within this website is subject to the UK regulatory regime and is therefore targeted at consumers based in the UK. 

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