Selling a family business often leads to identity loss and emotional complexities that individuals must navigate thoughtfully.
Finding new passions and taking time for self-reflection are crucial for redefining purpose after exiting a long-held professional role.
Deep dives
The Emotional Journey of Selling a Family Business
Selling a family business can evoke surprising emotions, including a sense of loss and nostalgia for long-held identities. The speaker reflects on how selling the business, which had been a significant part of their identity for many years, created a bittersweet realization of what it means to let go of a legacy. Despite identifying as a former CEO, the emotional attachment to the business and its history remains strong, showing how intertwined personal identity can be with professional roles. The process reveals a duality of feelings, where pride in the business's continued existence coexists with sadness over the personal transition from owner to being no longer directly involved.
The Importance of Anticipating Emotional Impact
Many advisors highlight the potential emotional fallout when transitioning away from a family business, but often do not provide substantial guidance on managing these feelings. The speaker acknowledges that while warnings about emotional challenges existed, the focus on completing the sale overshadowed the need to process these emotions. It is emphasized that individuals may experience an unexpected void following the sale, underscoring the necessity of preparing for a grieving process even when the sale is seen as a positive decision. This emotional journey often goes unaddressed, leaving individuals without a framework for understanding and processing their feelings post-transition.
Rediscovering Purpose After the Sale
After selling a family business, individuals often face an existential question regarding their purpose, as their identity had been closely linked to their role in the company. The speaker notes a significant gap in time and structure once the business is sold, comparing the experience to hitting a brick wall after a long race. This shift requires individuals to actively seek new passions and interests to fill the void created by the absence of their former routine and identity. Taking time to reflect and allowing oneself to grieve the loss of the business is essential in successfully navigating this new phase of life and ensuring future endeavors are satisfying and meaningful.
In this episode of Safe Space, host Franco Lombardo speaks with Gillian Stein, former CEO of Henry's, Canada’s largest independent digital imaging retailer, about her emotional journey of selling her family business. Gillian shares her experience of identity loss, the grieving process, and the challenges of transitioning from operations to ownership. The conversation highlights the importance of self-reflection, finding new passions, and the emotional complexities involved in succession planning. Gillian emphasizes the need for flexibility and an open mind in navigating the unpredictable nature of family business dynamics.
