Why Successful Business Exits Start With the Owner’s Psychology
Very interesting thoughts from a recent short interview article in Axial with Dr. Allie Taylor. She works with lower middle market advisors and business owners to achieve successful business transitions with a focus on the owner’s psychology. Below is an excerpt.
We believe everything starts with the leader and the management team. We created a framework based on my research called the M3 that has three domains — My Business, My Money, and Myself.
A middle market owner’s business finances are often inextricably linked to their personal finances. We find that there are psychological anchors around money and time that must be addressed to effect a successful transition. Answers often reside in the self domain — legacy, relationships, health, personality, motivation, values, faith. These are all places that can hold the business or the leader back.