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Heath Sells His Business & Loses His Purpose

Updated: May 28



Heath is a unique and talented individual. The combination of being a highly innovative engineer with strong salesmanship skills makes him rare and valuable in the world of entrepreneurship.

 

For over twenty years, he uses his innovative ability to develop new products, and services, disrupt his market, and create a competitive advantage for his company. He thinks creatively, problem-solves, and stays ahead of his competitors.

 

Heath is great at making friends, convincing people, and sealing deals. He turns his innovative ideas into profitable sales. He is a standout figure in the entrepreneurial world, capable of driving significant growth and success in his business.


After twenty years, Heath has the attention of his competitors and investment firms. One PE firm offers him the opportunity to sell, stay with the company, and make a 300% increase in the total value of his business over the next five years. It is almost too good to be true.

 

Heath is anticipating the results of Step Five of the Cultivating Impact Succession Planning Method: Multiply the Impact.

 

But Heath has done something that so many excited entrepreneurs do. The potential for multiplied profits and impact has intoxicated him.

 

Heath has not first done the hard work of completing steps one through four of the Cultivating Impact Succession Planning Method:

1.   Recognize your impact

2.   Develop your business as a mission

3.   Build your team to maximize impact

4.   Exchange the baton

 

Heath has skipped to step five: Multiply the Impact, and he is about to pay the price.

 

On day one of the new adventure, the new owner’s twenty-nine-year-old son shows up and informs Heath that he is his new boss. He also announces that Heath will no longer interact with customers. “We don’t need you there anymore.”

 

Sales, where Heath shines the greatest, has been outsourced.

 

Heath is stunned. Interacting with customers has been a major strength in building the business. He wrongfully assumed that over the next five years, he would use his sharpest abilities to multiply sales.

 

On a day, Heath loses his influence and impact in the business he built. He has money in the bank from the sale, but he has lost his purpose. Quickly, he loses his passion for showing up every day.

 

As an “advisor” whose voice they do not hear, Heath soon exits.

 

Heath pays the ultimate price for not first clarifying his business impact (step 1), developing his business as a mission (step 2), building a team to maximize impact (step 3), and exchanging the baton (step 4).

 

Step five in the Cultivating Impact Succession Planning Method is to multiply the impact. This comes by focusing on two things:

  • Generating more profit

  • Being ever more intentional on your impact

 

Renowned investor and former Vice-chairperson of Berkshire Hathaway, Charlie Munger says that “a great company keeps working after you are not; a mediocre company won’t.”

 

Step five of the Cultivating Impact Succession Planning Method is to multiply your impact in four steps over 120 days. After an initial due diligence period where you assess the value, risks, and overall health of the business, commit to a 120-day process where you will:

 

Next week:

To help you take the next steps in Succession Planning, I am offering a free Masterclass on Step Five: Multiply Impact. The class is free, my gift to you but you need to register.

 

What: Cultivating Impact Succession Planning Step Five: Multiply Impact

When: January 9, 11 a.m. EST

 

I believe in you,

 

Harry T. Jones 

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