Singer/Songwriter Inspired This Blog Post

MGM+, the streaming service, recently ran a two-part documentary about Paul Simon, the legendary singer/songwriter. The music of Simon and Garfunkel was the background to my formative years in the 1960’s. The docuseries brought back memories of many of my favorite songs like “Bridge Over Trouble Waters.”

When the dynamic duo of songs split in 1970 (although they gave a free concert in New York’s Central Park in 1981 that briefly launched a tour), Paul Simon went on to have a stellar solo career that only added to his song book.

One of my favorite songs from Paul Simon’s solo career is “50 Ways to Leave Your Lover.” I love the rhyming portion of the song. I bet if you think about it, you can name some of those lyrics:

“You just slip out the back, Jack

Make a new plan, Stan

You don’t need to be coy, Roy

Just get yourself free

Hop on the bus, Gus

Just drop off the key, Lee

And get yourself free”

Humm along if you want.

What does this have to do with guiding small business owners to exit their businesses? Just this, there may not be 50 reasons to exit your small business, but with the help of ChatGPT and apologies to Paul Simon, I came up with “28 Reasons to Exit Your Business.”

Retirement

• Burnout

• Health concerns

• Financial reasons

• Family reasons

• Partnership disputes

• Lack of growth opportunities

• Changing market conditions

• Competition

• Tired of solving the same problems over and over

• Feeling like you’re not doing an excellent job for your clients/customers anymore

• Tired of dealing with employees

• Regulatory changes

• Technology changes

• Industry consolidation

• Economic downturn

• Cash flow issues

• Personal priorities

• Succession planning

• Lifestyle change

• Partnership dissolution

• Real estate opportunities

• Tax considerations

• Debt management

• Desire for liquidity

• Strategic reasons

• Personal life events

• Partnership buyout

And one more. It isn’t fun anymore.

How many of these are reasons you might want to exit your business in the next 24 months? Can you add to the list?

If you want to talk about your reasons for wanting to sell your business, please book a complimentary appointment with me and let’s discuss. I’ll tell you my reasons for selling my financial advisor practice two years ago and you can share with me yours. BTW, there are no right or wrong reasons to exit your business, they’re yours and that’s okay by me.