Next Chapter

Think it’s too early to design your next chapter? Think again

Before we start talking about how and why you need to start working on your next chapter, let’s work on what the next chapter is all about.

The next chapter is the life you envision AFTER you step away from running the business every day. 

For some, it is truly retirement – in the form of a perpetual vacation, spending more time with grandchildren or finally getting things done around the house. Are you in that camp?

For other business owners, it is an opportunity to shift their focus to another endeavor. Perhaps turning a long-time hobby into a viable business, giving your time to a charity you believe in or becoming a mentor in the community or your industry.

Whatever the next chapter looks likes for you, it is about moving from success to significance. 

The challenge is that when you are knee-deep in the business every day, it is easy to think that the next chapter is years away and will somehow take care of itself. That it will be this nirvana of free time – something you may not have experienced in years. 

However, without a plan, an excess of free time brings with it the possibility of aimlessness, boredom, and loss of identity. Studies have shown that once a person steps away from their business, they are 60% more likely to be diagnosed with a physical disability and 40% more likely to suffer from depression?  

This is why it’s so important to plan your next chapter BEFORE you step into it. You don’t want to wake up on “day one” and try to figure out – plan ahead now!

If those previous stats did not motivate you to start planning your next chapter as early as possible, perhaps this will.  

Statistics show that 50% of transitions into your next chapter are not voluntary. That means that 1 out of every 2 business owners has life-altering event happens that forces them to leave their business before they were actually prepared to do so. We call these the 5Ds

For a deeper dive into the impact of the 5Ds, check out our whitepaper on the topic. For now, I’ll quickly outline them here:

- Death

- Disability

- Divorce

- Distress

- Disagreement

A 5Ds life event could impact you, your spouse, a child or grandchild. What would happen if your spouse became disabled or a divorce rocked your family? Chances are you would not be spending the same amount of time in your business that you are today. 

Is your business ready for these possibilities? Are you ready?

At Compass Point, we want you to live your ideal next chapter. We also want you to have a comprehensive in place if things life takes an unexpected turn and doesn’t go as planned. 

So start the next chapter process today. Find a successor. Get your leadership team to step up. Take longer vacations. What works, what breaks?  Doing this work now ensures you have time to fix the gaps and create a smoother transition when you are ready – and on your terms.

If you’d like to discuss how to start crafting your next chapter, watch the short video here to learn more and email me at cbennett@compasspt.com to schedule an exploratory call.

 

Cheyenne Bennett is Leadership & Talent Coach at Compass Point.