The right timing determines freedom after entrepreneurship

The question of the right time for succession or selling a business is rarely purely economic. For many entrepreneurs, it is closely linked to their own life plans. Health, family situation and personal goals play just as important a role as turnover or the market environment.

Anyone who has borne responsibility for decades will at some point think about what their life should look like beyond the business. However, more time for family, travel or personal interests only becomes possible if the transition is not rushed. In addition, unexpected health issues can accelerate any plans – often at an inopportune moment.

Family businesses in particular demonstrate how important it is to have clarity early on. Whether an internal solution is possible or external options need to be explored can only be decided sensibly with sufficient lead time. Open discussions not only relieve the burden on the company, but also on family relationships.

Succession planning that is started in good time also allows for a gradual letting go. Responsibility can be handed over step by step without an abrupt farewell. This leaves the feeling of consciously shaping the passing on of one’s life’s work – instead of having to relinquish it.