Q: You’ve mentioned a sales ‘transaction’ vs. ‘transition’, what’s the difference?
JT says:
Transaction: This is the business side of any sale- NDA’s, LOI’s & deal terms, negotiations, non-competes, working capital, legal documentation, wealth preservation, etc. These pieces are always present.
Transition: This is the personal/emotional side of any sale. (*Ignoring these variables allows anxiety/fear to creep in and the ‘transaction’ will be jeopardized, guaranteed.) These variables consider overall emotional preparedness, desire for answers/planning, family dynamics surrounding a sale, letting go of the status and perks that accompany ownership, relinquishing control of ‘your baby’, answering the question ‘what’s next?’, and ultimately deciding who you are beyond the role/title of ‘business owner’.
Every ‘transaction’ contains a personal ‘transition’, acknowledging it is essential.
Get Answers + Get Prepared = Get Retired
Have a question for JT? Don’t worry, all questions will remain anonymous! You can email JT at jt@exitstrategies360.com.
