During midlife career change, do you jump or hold on?Written by Cathy Goodwin, Ph.D.
Over years, I have identified two kinds of midlife career changers: Jumpers and Clingers. Jumpers thrive on energy, enthusiasm and improbable luck. The last three times they leaped, a net appeared. They see no reason why next jump should be any different. Clingers thrive on careers that offer security, money and identity. When they outgrow their careers, or find themselves forced out, they feel lost. They can't remember last time they found themselves in this position. Jumpers call a coach when they are ready to find a new mountain. Suggest a destination and they ask, "Where is it?" Often they've made another leap before coach realizes what is going on. Clingers call a coach when they find themselves lost in jungle. They ask, "How do I know if I've made right decision?" and, "How can I find security?" They hold out a one-way ticket, asking, "How do I change to a round trip?" Jumpers have learned to accept that sinking-feeling-in-the-gut as they leap off mountain. Climbers are not used to feeling edgy. They don't want a roadmap; they want a hotel reservation, preferably chosen from a listing in auto club book. Both Jumpers and Clingers face a new reality. Even bravest Jumper can run out of luck. Choose wrong mountain and net never appears. And in twenty-first century, Clingers must create their own security. Jumpers must stop at edge of mountain, before point of no return. "Does this feel right?" they have to ask. "Should I look first this time, to see if net really exists? Or maybe instead of leaping it's time to climb down more carefully, one ledge at a time."
| | Will You Get Top Dollar When You Sell Your Business?Written by Noel Peebles
Selling your business will probably be your biggest sale ever. But, to get best price you'll need to satisfy your buyer on two points. Firstly, your company should be showing good returns. Secondly, there needs to be a strong likelihood that this trend will continue. This is why you (as current owner), have an important part to play in transition period during and after sale. Your customers and clients may be watching changeover very closely. If you have a successful business, then it is fair to assume that your customers have grown to like you and way you run your business. Remember, most people don’t like change, so transition is critical to make sure that your customers and clients remain with new owners. No customers...no business! Here's what I mean. When selling one of my businesses to a senior banking executive, I remember a comment he made just before signing contract. It was something like this: "I have seen so many people buy a successful business, rush in and change everything and then lose everything." He went on to add "You are running an extremely profitable business, so you must be doing something right. I am not going to change anything, probably for at least a year, or until I find better way to do things." He kept his word and business continued to perform exceptionally well. Eventually he did make changes, but he did it from a position of knowledge... and with understanding of market requirements. A smart cookie! However, it is not always like that. The new owners may not want you involved. This is something you need to be mentally prepared for. Don’t automatically assume there will be a place for you, even in a part-time or consulting role. Regardless of your ability, they may not want you to be involved. A new broom sweeps clean. The new owners could see you as a threat to vision they have for business.
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