Business owners sometimes leave business transition planning to the very last minute.

25 Apr 2024 · 1 min

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This content was created by Bill Gallagher. This content was uploaded by Bill Gallagher. This is a YouTube video titled "Business owners sometimes leave business transition planning to the very last minute." (created 2024-04-25T16:07:57Z). The excerpt is a spoken monologue by a single, unnamed speaker (labeled SPEAKER A) discussing post-exit experiences of business founders after large liquidity events (e.g., $50M–$100M), noting that many feel miserable after exiting, and arguing that a longer runway and purposeful transition — including stepping aside for a successor and having something new to do — helps emotional and practical adjustment during succession planning.

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I have run more of those programs for people who have transitioned out of their companies, had a big liquidity event, have, you know, $50 million in the bank, $100 million in the bank. And they're miserable. They're just so sad. And they wake up and. Yeah. So I think by design and having a longer Runway to get out of a company gives you the opportunity to move emotionally, mentally, into something else. And also. Which is if you're the person transitioning, you've got to get out the way for the successor to take over. Yeah. And if you don't, it's not going to work. But you need something else to do, so it gives you a nice transition.