Life After Your Business: What's Your Passion?

When you own your own business, it's often your vocation and avocation. In a word — it's your life.

When it comes time to move on from your business and retire, though, this can be a problem. Too many business owners fail to take the necessary planning steps to transition their companies to the next generation of leaders, waiting until the last second to relinquish control. It's not because of ignorance, and it's not because of laziness.

A recent survey found that 80% of business owners believe that a successful transition will come from planning and action items. But only 38% of owners have taken steps to plan their succession. Why? The answer is emotion. Entrepreneurs, understandably, are emotionally connected to their businesses. Many have few outside hobbies, for running a business is more than a full-time job. Not having a passion outside of work, however, is one of the main reasons business owners have such a difficult time letting go. If you don't have a hobby, and you plan to retire from your business soon, it's time to get one.