Thoughts on when to sell

It is a fact that all entrepreneurs leave their companies — some vertically, some horizontally. I intend to be in the former category. That said, it feels like the ultimate game of timing the market. We all know that is a fool’s errand, but still …

I wonder about my heirs. Do I owe it to them to bail, to take the money and run? What if I stay in the game too long and it all goes to hell? They say if you love your job, you never have to work a day in your life. I would do my job even without pay, I love it so much. Quite simply, it defines me. It has for the last 40 years. I love that we are a high-performing team. We have notoriety in business. It is fun to attend conferences and be the center of attention. Award ceremonies are the same.

It seems like I could end up being one of the old guys at the coffee shop hanging out all day vs my current incarnation of being the guy who runs in, makes his own coffee, runs out. I thoroughly enjoy the fast pace of business. Can retirement be that way? Or would I buy the coffee shop and be out of the frying pan and into the fire?

I don’t want to be the live version of the cartoon where Death is at the door — the businessman is opening the door and has a cell phone to his ear, and says to Death, “I don’t have time for this now.”

I have surrounded myself with an exceptional team. While (in my estimation) I am not a weak link, the question persists: When will it be time to move on? After all, I would like to enjoy the fruit of the orchard I planted 40 years ago.

I know a hyper-successful businessman who sold numerous bites of his apple. He had many staggered exits. When the final sale came, he said, “I have no emotional attachment to this company. I did not start it. My grandfather did not start it. It’s just a bunch of numbers to me.” I do not have that luxury. I founded it with a pittance and helped us claw our way up the glass wall by our fingernails. How can I not be emotionally attached?

I see it as three acts: First act, we are learners/students. In the second act, we are doers and/or teachers. In the third act, we are … well, I am not sure. Check with me later. I know this: In my third act, I hope to star in the play, not be an usher.

Maybe retirement would be more fun if I was younger. They say youth is wasted on the young. I have always worked, yet when I was young, I was not so enamored of work. I guess I acquired a taste for it as I aged.

Can age and guile beat out youth and enthusiasm? Stay tuned. It is said I will know when it is time. So far, it is not time for me. ●

Steve Peplin is CEO of Talan Products