Pause, reflect and redefine: Planning your next chapter

Jayne McQuillan

Guest Columnist

January 27, 2025

As a business owner, the calendar year often feels like a treadmill that never stops – one goal achieved, another set.

Yet, how often do you pause to celebrate the milestones that seemed insurmountable a year ago?

Reflecting on accomplishments isn’t just an exercise in gratitude – it’s a vital part of planning your future, especially if you’re considering your eventual exit from your business.

The power of reflection

Start by asking yourself:

• What did I achieve in 2024 that I once thought impossible?
• Who have I become as a leader, an innovator and a mentor?

By recognizing the strides you’ve made, you can better understand the qualities and motivations that fuel your drive.

This clarity is essential when planning for the next chapter of your life, as it helps identify what truly matters to you – beyond your business.

Bridging today’s accomplishments with your future fulfillment

Exit and succession planning isn’t just about spreadsheets and valuations – it’s about envisioning a life that continues to challenge and fulfill you.

Here are a few questions to guide this reflection:

• What drives you today?
• Is it the thrill of growth, the relationships you’ve built, or the impact you’ve had on your community?
• What could replace that drive? Mentoring the next generation, starting a new venture or dedicating time to personal passions?

By identifying your key fulfillment drivers, you start creating a blueprint for a future that keeps you engaged and inspired, ensuring a smooth transition through your business exit strategy.

Celebrate your wins

We have the privilege of working with many different business owners, in multiple industries, and at various stages in their exit planning journeys.

In 2024, we introduced client dashboards to provide owners with clear insights into the financial progress of their business and how strategic efforts delivered tangible value in profitability, EBITDA and valuation – and gave them reason to celebrate.

We had a client that saw amazing results in their business, not so much because they grew their top-line sales, but because they were able to increase gross profit, net income and cash flow by strategically:

• Bringing outsourced services in house, reducing lead times and increasing gross profit
• Increasing cash flow by $1 million through better inventory management
• Gaining a clear understanding of their expenses which improved management of spending, resulting in increased net income
• Positioning the business with clear processes and systems to pave the way for a successful business exit

Another client set in motion a management transition by providing stock ownership to those leaders who will succeed the owner in the next three years.

In so doing, he elevated his leadership and empowered the team to continue to grow the business and build value prior to his exit.

These stories highlight the importance of reflection not just for personal satisfaction but also for setting a vision for the road ahead and putting actionable strategies in place to achieve your goals.

2025: A year of intentionality

What can you do to make 2025 a year of intentional and strategic preparation for your next chapter?

• Clarify long-term goals – whether it’s exiting in five years or building a legacy business, define what success looks like.
• Assess business exit readiness – obtain a business valuation if you haven’t had one done in the last two years. Assess operational strength, financial performance and your specific exit or succession plans.
• Build your next chapter – begin exploring what life post-business could entail – consulting, board roles or passion projects.

Transitioning out of your business is as much about mindset as mechanics.

Without clarity about what fulfills you, the risk of feeling adrift post-exit is real.

It’s a major reason why, according to the Exit Planning Institute, more than 75% of business owners who have sold their business experience profound regret within a year after the sale. 

Reflecting on your accomplishments helps you recognize what you’re leaving behind – and more importantly, what you want to take with you.

As you think about the coming year, commit to intentional reflection.

Carve out time to celebrate what you’ve achieved and envision the future.

If planning your next chapter feels daunting, seek guidance from exit and succession planning experts who can help turn your dreams into reality.

Reflection is a gift you give yourself.

It’s a way to honor your hard work, realign your purpose and chart a course for the journey ahead.

As you navigate 2025, may your reflection not only celebrate the past but illuminate the path to a fulfilling future.