After 20 years of building a business, a business owner approached me to have a conversation to help him answer the question “What’s Next?”.

When businesses were required to shut-down in March 2020 due to Covid-19, the business owner candidly admitted, he believed the business would not survive the shut-down.  However, the support provided by the State & Federal Governments meant the business was able to continue to trade albeit at a reduced level.

The support provided bought time for the owner to review the business operations and pivot into other areas where its expertise could be utilized.

Three years on, the pivot is a spectacular success.  The turnover in the last financial year was a record for the business and is even stronger in the first seven months of this financial year.  With profit margins at unprecedented levels and a strong positive cash flow, the financial position of the business is rock solid.

However, this success has come at a price.  The business owner is feeling tired and burnt out having worked tirelessly to achieve these successes.  Given this, he is contemplating “what’s next” as he does not have the energy or the desire to take the business to the next level.

As a result of our conversation the business owner developed the following overarching context for designing the next phase of his life:

• In business – his legacy will be the orderly transition of the business to the next generation of leaders in the business.
• In life – to create opportunities outside the business for himself, his partner, and his family.