Yes, I was told that recently. A long time fellow baby boomer business owner made that statement to me. Usually when someone makes a statement like this I’m curious, and then I ask a series of questions back. In this instance I put my gut reaction on hold and asked her one simple question:
Why?
Here are some of her answers.
I’m Tired
I get that. As a fellow boomer owner I get tired too, guess it is part of that age thing. The interesting part is what she said next.
“I’m tired...
- of helping my staff solve problems,
- of working with my suppliers to fill my inventory needs, and
- of hiring people to help grow the business.”
I No Longer Have Fun Running The Business
Fun. Hmmm, what was going on here? So I let her explain her why.
“I no longer have fun running my business because…
- the people I used to work with are no longer here,
- I am constantly evaluating changing market conditions to see how we need to stay competitive, and
- no matter how hard I try to satisfy my customers I continue to find people looking for a better deal or bargain who buy their services and products elsewhere.
I Want To Do Something Different
Understanding that she was thinking of moving on, I was curious as to her “why” on this answer.
“I want to do something different…
- because I want to reconnect with my partner, friends, and family,
- because I have passed up too many opportunities to give back to my community, and
- because it’s time for someone with more energy, enthusiasm, and creativity than I have to take over this business and move it up to its next level.
The good thing about our discussion was that she told me that she felt much better after answering the question. She said she now has the foundation to build a personal transition plan and business exit strategy.
If you are a baby boomer business owner and you have thought about the need to replace yourself, what are your answers to the question:
Why?
