Thoughts On Things | 3.24.22

Do You Have a Transition Plan?

 

Tom Brady Unretired
For over 20 years, we’ve watched one of the greatest quarterbacks ever to exist compete at the highest level. In February, Tom Brady retired. Six weeks later, Brady unretired and headed back to Tampa. Tom said he was coming back because he had unfinished business. Perhaps. Or maybe the thought of playing golf all day while his co-workers continued on living their dream was a hard pill to swallow. After all, Brady’s wife is the CEO of a global empire, and their kids are now 14, 12, and 9. To us, he’s Tom Brady. But, to them, he’s dad.

Now, I recognize that none of us are Tom Brady. None of us have won seven Super Bowls. But, there’s a lesson here in what happens when we’re close to the end of our business run, our co-workers continue working, and we’re left standing on the tee box for our Tuesday golf round.

Even though it was short-lived, the Tom Brady retirement and un-retirement taught all of us a lesson in transition, preparation, and planning. After all, the internal competitiveness doesn’t turn off (regardless if playing in the NFL or CEO of a manufacturing business). There’s no off switch for drive, determination, and competitiveness.

Transitioning out of Your Business
Tom Brady’s situation here is not all that different from many business owners who are working towards a transition out of their business. As an owner, likely all of your time and efforts get poured into your business, not leaving much time to think about what could be next.

Selling your business is more than a transaction. It’s a part of your identity. On the outside, it’s a celebration of accomplishments. On the inside, it’s often the reality of what will next Tuesday look like?

After a very successful run and the means to live an extremely comfortable life without working anymore, why can’t Tom Brady, or even ourselves hang it up, ride into the sunset, and not look back? It feels like the easiest thing to do…..until you have to do it.

What’s Next?
Probably the most critical thing to consider when looking to transition out of your business, or in Brady’s case, retire from the NFL, is what you will do next.  You have to be excited and prepared for what will come next.  We can help you figure out next steps.  For starters, take a look at our blog post on 5 Tips Towards a Successful Retirement here.

We’ve also highlighted a recent podcast with Denise Logan where we dive deeper into succession planning and selling a business.

We understand the driven and goal-oriented people who run businesses cannot just flip that switch off at retirement. Sitting around the house watching the news is not good for anyone’s health, and there is only so much golf that can be played.

New and exciting goals have to emerge. It can range from working on setting up your kids for a business they are excited about, to involvement in community/charity work, to starting up a new venture altogether that might not be near as demanding. Everyone’s situation is different, but to not look back with regret, you must be excited about the next chapter of your life.


Those are my thoughts, have a great Thursday!

~ Austin