There is a well-known concept in the entrepreneurial community that the founders of the business must often step aside for the business to flourish. Dealing with founders is often very difficult. The business is their child, they have watched it grow up and flourish. They have pushed it through the teenage years of business growth. Now the business can really take off. Yet the founder is often not the one to capitalize on that growth. It is time to sell, turn over the reins and back away.
This is why many business acquisitions allow the founder to be around during a transition but often not long term. The new owners need and want to make changes and the founder stands in the way. This concept is also true for the family business. Sometimes the best thing for the business is for the family to sell and back away. The next phase of growth may best happen through someone else, another family or another corporate environment. It is still part of your legacy of what you accomplished.
The challenge is to not hold on past your time. The challenge is to know when is that time. Not all business owners can take a business to the next level. It may not be their desire, passion or skill set. Acceptance is critical. Letting go is mandatory. Without acceptance and letting go you could create the end of the business. Your strong advisory team that was outlined earlier in the book can help you see the best path, outline the direction and help achieve the transition which is best for everyone.
