Season 2 - Episode 4: You’re Not Important Anymore
Oh boy. Cue the existential crisis. You’ve successfully brought two companies together except for one nagging detail: you. Turns out you successfully made yourself irrelevant to the operations of the business and now it’s time to walk away. It’ll be one of the toughest walks of your life.
Background Story
Chris and I were sitting by the lake (Lake Ontario) in 2019. We were enjoying a few crisp beers on a hot afternoon. Things had gotten pretty serious and we had begun to seriously entertaining the thought of selling the business. I said to Chris “Are we going to be able to do this?” Chris with no hesitation said “Yes, absolutely.” After all, we were professionals and selling our business was always something we had considered. Surely we’d be ready to walk away from it all when the time came.
Flash forward years later. After our last day we’re an emotional wreck outside the office. Whoops.
Outline
Get Out of the Way: For the good of your company and your people, it’s time to get out of the way. You’ve successfully made yourself irrelevant - great! Now move on.
Have a Plan on Exit : Here’s a casual statement for you to consider when you’re out - “Seek Clarity on Your Life’s Purpose”. It’s that intense.
You Will be Messed Up: Your identity - who you are, what you’re about, and how you describe yourself to others - will be dead. This will leave you confused, upset, and lost.
Busted Myths
Myth: You’re essential to the business. Nope. Not at anymore.
Learnings
At first it’s all business. Of course make yourself irrelevant. You want this.
Over time, it starts happening. Hand offs to other managers, knowledge dumps in confluence, training and coaching, etc. It's a slow but steady process.
Be sure to signal your plans to the executive - treat them right. Go right by them. We went beyond the earn out.
It’s weird working with people knowing you’ve got a timeline for exit. Emotions are high for you and your co-founder.
Your identity will die. What are you doing next? Have a plan.
You’ll be upset. You’ll be off your game. You will freak out.
Summary
If you’ve done this right, you’ll be entirely irrelevant by your exit date.
You will be simultaneously happy and sad. Thrilled at your success, crushed that you no longer matter.
It’s a good thing - for the business and for your people. It’s time to move on so they can spread their wings.
Consider your purpose and understand that the “who” is not your “why”.
Data And References
How to Make Selling Your Business a Fulfilling Experience
by K Srikrishna
Harvard Business Review - March 26, 2021
https://hbr.org/2021/03/how-to-make-selling-your-business-a-fulfilling-experience