In my years of working with business owners, I found that owning a business is remarkably similar to raising a child – with one crucial difference. While children eventually grow up and leave home, a business continues to demand time and attention, especially as it grows and succeeds.  It remains an integral part of the owner’s life until they make the conscious decision to let go.

This reality was highlighted in a recent conversation with a client who, after 40 years of nurturing a successful business, is contemplating exit. They set an ambitious goal: implement a succession plan by 2025 and transition out by 2026. However, like many parents facing an empty nest, the prospect of separation brings complex emotions.

The challenge became apparent when discussing potential successors. Two promising individuals had recently joined their business community, yet my client was hesitant to even consider approaching them about acquisition.

While their caution was understandable, it reminded me of the old adage:

“A faint heart never won fair maiden.”

My advice? Start small. Build relationships through collaborative projects over the coming months. Use this time to discover shared values and align visions for the business’s future. Just as parents want to ensure their child will be well-cared for, business owners must develop the trust their successor will cherish and nurture their legacy.

The decision to exit a business is perhaps the most challenging one an owner will make, given the emotional and financial capital invested. But like good parenting, successful succession is not about holding on – it is about preparing for a thoughtful transition that ensures the business continues to thrive under new stewardship.