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Business Owners

BUSINESS TRANSITIONS

Most business owners have put a lot of sweat equity into building and maintaining their businesses. Selling a business, losing a business or engaging in major transitions brings a sense of “what’s next?” Even when the sell of the business has been a goal for many years, letting go of “the baby” is usually more difficult than one predicts. These transitions may also change daily schedules, friendship circles, and financial norms. It is important for business owners to recognize the contributions they have made, especially in a hurtful business transition. With a planned transfer in ownership, implementing a personal transition plan is as important as the business transition plan. Regardless of the source of transition, reflecting on contributions, recognizing achievements, and planning one’s next adventure is crucial to maintaining equilibrium and forward progress.

LITIGATION AND LEGAL DIFFICULTIES

Whether your business is involved in legal difficulties within the organization or litigation with another organization, the stress of the process while doing “business as usual” can be incredibly difficult. Social support and basic health maintenance become crucial so that the business owner can continue to perform. The privileged communication that occurs from using a psychologist can be helpful in ensuring the highest level of confidentiality. Whether it is a psychologist or a personal friend, ensure that you have someone you can trust to walk through the process with you. It is important to remember that colleagues, friends and others may be subpoenaed for information, so plan accordingly as you choose the individuals with whom you will share information.

MAINTAINING BUSINESS IN TIMES OF PERSONAL TRAGEDY

Extreme emotional distress affects attention, short-term memory, and executive reasoning. The difficulty in focus and execution is compounded by a loss of motivation and interest in the business. Delegation, emotion management, and cognitive compensatory strategies minimize the risk to the business. Appropriate communication with employees about the challenges ensures that maintaining the business becomes a team effort rather than falling only on the shoulders of the owner.

Take care of yourself, 

Take care of your business

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1717 East Bell Road
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480.382.0383   .  
dr.tricia@drtriciagroff.com

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