Your Identity: What do Business Owners Need to Know About What's Next?
The Dreaded Transition Zone
In our daily lives we are accustomed to a certain sequence of events; we expect everything to have a beginning, followed by the middle, and concluding with an end. For example, we have breakfast when we wake up in the morning, have lunch mid-day and eat dinner before we go to bed at night. Between the ending of the old and the beginning of the new, there is an unknown area. I call it “The Transition Zone,” in which all of the old rules, roles, and sources of support evaporate. Real-time routines and the transitions in between are predictable and comforting, just as the business cycle is predictable and comforting to the serial entrepreneur.
Unexpected changes or transitions that take place before one has had time to plan and grow accustomed to the new world order can create stress and result in avoiding asking and answering the tough questions.
Your Identity is the Key to Success
Your personal identity affects the way you think and feel about yourself and has a strong impact on your level of self esteem. Your personal identity changes as your life circumstances change. The majority of business owners identify themselves with their companies. Owners who have not personally prepared themselves for the major life transition of leaving their companies often experience an identity crisis. Over the years, I have seen how the inability of owners to answer the question “Who am I when I no longer own a business?” has caused them to avoid the very thought of leaving their companies.
My professional experience in the personal transition planning field has taught me four truths:
- A successful passage through “The Transition Zone” requires sound planning.
- Even though an identity crisis can cause significant upheaval, it also provides the opportunity to rethink and reframe your life.
- To avoid experiencing an identity crisis, you need to expand your definition of who you are beyond being an owner, so you can live the next chapter of your life by the goals, values, and passions of who you really are.
- To successfully transition your business to new ownership and yourself into a meaningful and purposeful new post-ownership life, you need to know who you really are, in order to know what you really want to do.
To learn more, register for our 30-minute complimentary webinar, Strategic Thinking About Your Business and Personal Future, hosted by Boston Private on May 24, 2017 at 3 p.m. EDT and 12 p.m. PDT
To read more about this subject by the author go to Amazon books:
7 Principles For Living with Authenticity: Discovering Your True Self When Facing Life Changes
Finding Your New Owner: For Your Business, For Your Life