Why Vacations are Critical for Business Exit Planning
One of the most nerve-wracking things a business owner can do is business exit planning—when he or she sells or steps away and hands over control of the company. Vacations where owners disconnect from the 24/7 siren song of business emails are a great way to prime employees for the inevitable changeover. However, business owners—especially ones who have built a company from the ground up—struggle with disconnecting and taking vacation time because they feel things might not run smoothly without them.
The team over at Navix Consultants shared nine important reasons why every owner should unplug and vacation for two weeks. They argue that when business owners take time off it can help strengthen the leadership team, wean important relationships off the owner, and even enable the company to be sold for a higher price.
Most importantly, for owners with an eye on business exit planning, vacations allow for a smoother exit transition: “If your company has learned how to operate without your ongoing presence,” the Navix team writes, “likely there will be less stress, drama, and anxiety associated with the transition to new owners and/or leaders when you eventually exit.”
Use vacations as a test run for a future exit. Find the weaknesses that emerge during that time and address them to ensure that the team you leave in place can function under new leadership.
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