As your business grows the reality is that your role will change.
This will often mean your role changes meaning that your business becomes more independent of you. And that means you will be doing less in the business.
This transition can be as much mental as it is physical.
Let’s look at the process of moving into an more senior leadership role of your business or preparing to step away. Both require mindset shifts that many business owners struggle with.
#1: Understand Your Role And Value
The first key to making a transition in your business to understand your role and the value it adds.
Jobs are roles and are not your identity. Your identity is a much bigger picture of who you are than just that one role as a business owner and leader.
This is hard for most business owners because your identity and your role often get intertwined. It’s not uncommon in business circles and with acquaintances to be known by your role and not your entire identity.
The key is to work through this process. Take a broader view on who you are. Know your role in the business and that your value in society and life is much more than just that role in business.
#2: Embrace Your Identity
With the separation of your role and your identity a chance emerges to embrace who you really are. Your identity is so much more than the role of business owner and leader and there is surely more to celebrate.
Your role as spouse, community member, friend and family member should all be celebrated. The more you celebrate the broader you the less you’ll hyper focus on your role as business owner and leader.
This embracing of your true identity is crucial to allowing yourself the freedom to change your role within the company.
As simple as this sounds it is critical. Most business owners I work with struggle with this separation. And not having this separation can really hold you back in developing your future in business.
#3: Find New Ways To Add Value
With the separation of your role and identity you grow freedom to alter your role in ways that wouldn’t be possible otherwise. This allows you to find new ways to add value.
For instance, you can give up doing parts of your role which don’t add as much value. This is hard to do when your role and your identity is intertwined. But when the two are separated it’s not as scary to give up a role.
And giving up parts of your role in your business can free you up to take new roles.
Being in control of everything is a common role for many business owners. Think of the quantum shift that would come with giving up some roles – say control of a portion of operations – so you can take a more strategic role. Suddenly you don’t have control over a part of the business – but in exchange you can shape the future of the business.
When you are ready to give up roles you can focus on the value you add and not about keeping a role.
#4: Finding New Interests and Values
With role and identity separation comes the ability to add more interests to your life and to embrace your values.
This is, perhaps, the greatest part of a changing role in business. If you give up roles there is suddenly free space for other things.
For many business owners this is scary and causes them to cling to the old. Keeping the same role and functions for long periods of time is very common.
But as soon as you give up roles you can take on new things. This means growth.
So as you prepare to change in business and to possibly work less time or step away from the business there is time for new interests and values.
What do you love? What do you value? What do you want to dedicate your time to?
You get a new blank slate to direct. The process will be much easier if you start daydreaming about what you want to embrace with your new direction.
#5: Keeping Growth Going
We all know growth is critical for our businesses. If we aren’t growing, changing and improving our businesses are probably dying.
For many business owners that lesson needs to be transferred to their personal life too.
If you are not growing and changing then, well…
Changing your role in business is the ultimate opportunity to embrace what is new for you. Whether you are exiting or just giving up some control and time in the business it’s a great time to grow. Maybe you want to diversify into another business, travel or take up a hobby.
The key is to take the growth mindset that you have that likely made your business successful and bring that into your personal life.
What To Do Next
We’ve talked about big things in this article. We’ve talked about changing you and your role in life and the world.
That’s big – and not easy to tackle.
You are going to need help and support. It might be a coach. It might be a family member (or family members). It might even require a therapist.
Think of this as a process of changing your mindset. The outcome is worth it.
Who do you want on your dream team to make this happen?
Build your team and build a plan.
I bet you’ll be happy with your results.
And if you think I can help give me a ring. I love these types of transformations. They take time and effort but they truly change families and lives.
Are you ready to be something more?
LET’S DO MORE: If you are a business owner or leader let’s be in touch more. I’d love for you to read my online work and give me your honest feedback: join my mailing list, follow me on LinkedIn and jump into my Facebook Group.
NOTE: This article is a piece develop a small portion of the content of the book tentatively called The Journey: Finding Your Place From Entrepreneur to CEO being co-authored by The Our Shawn McBride and Ann Gatty. If you want updates on the book including the possibility of joining our release team or getting one of the first copies please join our mailing list here.
DISCLAIMER: This article talks about legal issues. I am a lawyer licensed in multiple US jurisdictions, but I am not your lawyer unless we have signed an engagement agreement. Please view this material as educational and general in nature (as it is). Consult counsel you have retained for advice on your specific facts and circumstances and applicable laws. Do not rely on the statements in this article as legal advice.
By: The Our Shawn McBride, is the business nerd and long-time business attorney that focuses on changes of ownership in businesses. He works with business owners that know their business is about more than themselves to get ready for their future through keynotes, training and personalized solutions. In furtherance of this he hosts The Future Done Right(TM) Show where he collects, digests and gives lessons and insights on The Future of Business. If you want regular content on the future of business subscribe to get new blog posts from us here.
You’ll quickly notice his unusual suits which he uses open the conversation of how businesses should Do Business Differently™.
The Our Shawn is based in DeLand, Florida (between Orlando, Florida and Daytona Beach, Florida) and Dallas, Texas where he keeps offices. You can also find Shawn on webinars or traveling nationally or internationally for speaking engagements.
Check me out at: www.planningdoneright.com
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