Rock LaManna10.10.23
“Don’t let the screen door hit you on the way out.” If you’ve heard the phrase, it means everyone’s eager for you to leave. If they’re blunt, they say: “Go already.”
I never wanted to exit a business that way – though I have – and I write about it in detail in my book, They Named You Right.
For my “fourth quarter” of the business game – or the end game as we call it in chess – I’m looking at the screen door as we speak. Yes, I’m in the process of implementing my next-stage, so-called retirement plan.
No, it won’t mean golf carts and piña coladas on the Lido Deck. It will mean an entirely new way to serve and make a difference – and it’s a perfect fit for my work ethic and experience.
Next time, I’ll delve into all the details, where you can find me, and who I want to thank. I hope that piques your interest. You can always call me if you want to hear it straight from the horse’s mouth.
For now, I’m going to talk about knowing when it’s time, leaving with dignity, and defining success.
Second-generation owners also tend to hang on too long – but for different reasons. They feel a sense of duty to the business – especially if their parents are still alive.
The second-generation owner has often existed inside the company for their entire lives, working in the shop as a young person and immersed in family discussions.
By the time they hit age 50, many of these owners are ready to start the exit process. This is usually a longer exit timeline with more complexities to work out, especially if there are siblings who do not work in the business.
I see both sides – founder and second-generation owner – in my own story and the decision points I face as I move into this next phase.
Running a business of that caliber was a pressure keg for a young man with a family. I was a workaholic who felt unrelenting stress. I also enjoyed the adrenaline rush of achieving powerful wins. I loved belonging to a family business and seeing our contributions to the company’s success.
To the outside world, people assumed I would run the business forever. Things don’t always go the way you hope or expect. Ultimately, Vomela was sold to a private owner outside our family.
If I had it to do again, would I change things? Hard to say. It was a wild ride, and I learned enough to buy, build, and sell – again and again. Our family operation and my subsequent businesses gave me the empathy, opportunities, relationships, and experience to help other owners facing these same issues.
There’s no easy answer to the question, “Is it time to exit?” But I can say with certainty that most people wait too long, which limits their options and happiness.
I want it all – options, peace, independence, and happiness. So I’m making this transition while I have my health, friends, work relationships (many of them going back 50-plus years), and my relationship with God. Leaving on my terms and schedule allows me to exit with dignity.
I see many owners exit with drama, hot emotion, and hurt feelings – theirs and others’ – after running a lifelong business. They throw away their dignity and class in the last few months of business life. Why? Money. Stress. Exhaustion. Regret. Unrealistic expectations. Anger. Fear. Yes, fear, just like the older fellow in Moonstruck.
I counsel my clients to prepare themselves for the intensity of the sale or transition. I warn them about anger, sadness, and frustration that can bubble up and overflow. The key to a calm and dignified exit is preparing the business – and preparing yourself. It makes the process manageable, enjoyable, and even fun.
I’m honored to have the affection of friends and family, the respect of colleagues, and a reputation I’m proud of. My kids are grown up and doing well. Going forward, I want to focus on global impact and building something BIG.
Understanding your life’s purpose and higher calling is more easily appreciated in hindsight. You start connecting the dots when you reflect on accomplishments, challenges, decisions, and opportunities for forgiveness.
When I wrote my autobiography, I began to view my life story differently. The writing process started me on a journey of self-discovery involving keen listening, a brighter focus on good deeds and duties, and a personal mission to make an impact on our world and its people.
Was my time here on Earth fruitful? Did I live up to God’s expectations for me? This is what “winning” means at this stage of life.
I’m noticing the places where my experience will help me serve – and I’m excited to make the shift. I’m not moving away – I’m moving foward.
Each day, I receive signals that I’m making the right choice, at the right time, and with the right purpose and intention.
I know some of you are thinking, “No way! Rock, we’re planning to sell our business, and we always intended to have you help us.” I don’t plan to change my phone number. You can always find me, and I will do my best to point you in the right direction or refer you. However, the deals I have in the hopper right now will keep me busy as I prepare to celebrate 50 years of service to the industry (2025).
Tune in next time to learn about the adventures ahead and how I plan to serve in my new role. For those on the cusp of change – whether it’s selling your business or some other transformation – I urge you to do it. It’s time to make your dreams come true. Go out as a winner with your head held high.
Change is never easy, but it’s best to do it on your own terms, with dignity, purpose, and timing. That way, no one will say: “Don’t let the screen door hit you on the way out.”
My client Pat Crann sold his business when he was in his 30s. Most of my clients keep a low profile and don’t want me to write about their buy-sell process because they intend to buy another company.
Pat told me, “Go for it, Rock. Tell my story.” He’s out of the game for good, traveling with his wife and dogs while enjoying the scenic backroads of the US.
When Pat made the decision to sell, he contacted me in anguish. He wanted out, right then. He was worn out and overwhelmed. He had stayed longer than he wanted, but he felt a strong sense of obligation to his employees.
We developed a two-year plan to improve his health and mindset. With my team’s guidance and mentoring, Pat improved his leadership skills, which improved his processes and quality. He invested in his employees. Pat solidified sales, increased his valuation – and improved his confidence. He created the kind of company that would attract the right buyer.
He humbly and thoroughly followed our plan to a “T.” Pat sold to a private buyer who trained with him in-house. The new owner learned the ropes and was ready to step into his role as owner-operator, which is exactly what his loyal team needed and deserved. It was one of the smallest deals of my career but, by far, the most satisfying.
Having a documented plan allows you to exit with class and dignity. Being cool at the end is the memory you leave with your employees, vendors, customers, and the new owner. Exiting with dignity should be a priority and baked into your plan.
Rock LaManna is The Deal Flow Guy. He helps qualified buyers and investors find businesses that are ready for acquisition or transition. On the sell side, he helps owners improve their businesses, increase value, and position strategically in anticipation of sale, exit or succession. Sign up for his newsletter at TheDealFlowGuy.com and start the process.
I never wanted to exit a business that way – though I have – and I write about it in detail in my book, They Named You Right.
For my “fourth quarter” of the business game – or the end game as we call it in chess – I’m looking at the screen door as we speak. Yes, I’m in the process of implementing my next-stage, so-called retirement plan.
No, it won’t mean golf carts and piña coladas on the Lido Deck. It will mean an entirely new way to serve and make a difference – and it’s a perfect fit for my work ethic and experience.
Next time, I’ll delve into all the details, where you can find me, and who I want to thank. I hope that piques your interest. You can always call me if you want to hear it straight from the horse’s mouth.
For now, I’m going to talk about knowing when it’s time, leaving with dignity, and defining success.
How do you know it’s time to go?
“Are you still here?” I always wanted to exit on my terms, even if it meant I had to work harder and piss off more people along the way. In my experience, founders tend to hang around longer than they should. They want to control the transition. I find them lurking, even when the next-generation successor, buying group, or new owner is in place. Founders feel protective of the business, and they know there’s good information in their noggin that might be useful.Second-generation owners also tend to hang on too long – but for different reasons. They feel a sense of duty to the business – especially if their parents are still alive.
The second-generation owner has often existed inside the company for their entire lives, working in the shop as a young person and immersed in family discussions.
By the time they hit age 50, many of these owners are ready to start the exit process. This is usually a longer exit timeline with more complexities to work out, especially if there are siblings who do not work in the business.
I see both sides – founder and second-generation owner – in my own story and the decision points I face as I move into this next phase.
How do you exit with time to spare?
When my father was ready to move out of a day-to-day role at Vomela, our family put a succession plan in place. Although I am one of 11 kids, I was already basically running the business, and it seemed natural for me to take it over. As the second-generation owner, I wanted to be perfect in my dad’s eyes. I strove to maintain his customers while developing my own business relationships. I worked with important partners like 3M and improved an already excellent business.Running a business of that caliber was a pressure keg for a young man with a family. I was a workaholic who felt unrelenting stress. I also enjoyed the adrenaline rush of achieving powerful wins. I loved belonging to a family business and seeing our contributions to the company’s success.
To the outside world, people assumed I would run the business forever. Things don’t always go the way you hope or expect. Ultimately, Vomela was sold to a private owner outside our family.
If I had it to do again, would I change things? Hard to say. It was a wild ride, and I learned enough to buy, build, and sell – again and again. Our family operation and my subsequent businesses gave me the empathy, opportunities, relationships, and experience to help other owners facing these same issues.
There’s no easy answer to the question, “Is it time to exit?” But I can say with certainty that most people wait too long, which limits their options and happiness.
I want it all – options, peace, independence, and happiness. So I’m making this transition while I have my health, friends, work relationships (many of them going back 50-plus years), and my relationship with God. Leaving on my terms and schedule allows me to exit with dignity.
How do you set the stage?
“Letting GO!!” There’s a scene in the movie “Moonstruck” where an older man who dates young women keeps having drinks thrown in his face. It’s funny – but also embarrassing and awkward. It’s hard to make a graceful exit when you’re the one responsible for creating a scene.I see many owners exit with drama, hot emotion, and hurt feelings – theirs and others’ – after running a lifelong business. They throw away their dignity and class in the last few months of business life. Why? Money. Stress. Exhaustion. Regret. Unrealistic expectations. Anger. Fear. Yes, fear, just like the older fellow in Moonstruck.
I counsel my clients to prepare themselves for the intensity of the sale or transition. I warn them about anger, sadness, and frustration that can bubble up and overflow. The key to a calm and dignified exit is preparing the business – and preparing yourself. It makes the process manageable, enjoyable, and even fun.
How do you define success?
“How will I be remembered?” The older I get, the more I want to be remembered for the impact I’ve had on others’ lives, not some random financial number.I’m honored to have the affection of friends and family, the respect of colleagues, and a reputation I’m proud of. My kids are grown up and doing well. Going forward, I want to focus on global impact and building something BIG.
Understanding your life’s purpose and higher calling is more easily appreciated in hindsight. You start connecting the dots when you reflect on accomplishments, challenges, decisions, and opportunities for forgiveness.
When I wrote my autobiography, I began to view my life story differently. The writing process started me on a journey of self-discovery involving keen listening, a brighter focus on good deeds and duties, and a personal mission to make an impact on our world and its people.
Was my time here on Earth fruitful? Did I live up to God’s expectations for me? This is what “winning” means at this stage of life.
How do you take the next step?
“There’s no turning back.” The pieces are in place for my transition. I’ve hired an agency to work with me on my website and positioning. I’ve been invited to join a prestigious global organization in my new area of focus. I’m meeting future leaders outside label converting and specialty graphics.I’m noticing the places where my experience will help me serve – and I’m excited to make the shift. I’m not moving away – I’m moving foward.
Each day, I receive signals that I’m making the right choice, at the right time, and with the right purpose and intention.
I know some of you are thinking, “No way! Rock, we’re planning to sell our business, and we always intended to have you help us.” I don’t plan to change my phone number. You can always find me, and I will do my best to point you in the right direction or refer you. However, the deals I have in the hopper right now will keep me busy as I prepare to celebrate 50 years of service to the industry (2025).
Tune in next time to learn about the adventures ahead and how I plan to serve in my new role. For those on the cusp of change – whether it’s selling your business or some other transformation – I urge you to do it. It’s time to make your dreams come true. Go out as a winner with your head held high.
Change is never easy, but it’s best to do it on your own terms, with dignity, purpose, and timing. That way, no one will say: “Don’t let the screen door hit you on the way out.”
My client Pat Crann sold his business when he was in his 30s. Most of my clients keep a low profile and don’t want me to write about their buy-sell process because they intend to buy another company.
Pat told me, “Go for it, Rock. Tell my story.” He’s out of the game for good, traveling with his wife and dogs while enjoying the scenic backroads of the US.
When Pat made the decision to sell, he contacted me in anguish. He wanted out, right then. He was worn out and overwhelmed. He had stayed longer than he wanted, but he felt a strong sense of obligation to his employees.
We developed a two-year plan to improve his health and mindset. With my team’s guidance and mentoring, Pat improved his leadership skills, which improved his processes and quality. He invested in his employees. Pat solidified sales, increased his valuation – and improved his confidence. He created the kind of company that would attract the right buyer.
He humbly and thoroughly followed our plan to a “T.” Pat sold to a private buyer who trained with him in-house. The new owner learned the ropes and was ready to step into his role as owner-operator, which is exactly what his loyal team needed and deserved. It was one of the smallest deals of my career but, by far, the most satisfying.
Having a documented plan allows you to exit with class and dignity. Being cool at the end is the memory you leave with your employees, vendors, customers, and the new owner. Exiting with dignity should be a priority and baked into your plan.
Rock LaManna is The Deal Flow Guy. He helps qualified buyers and investors find businesses that are ready for acquisition or transition. On the sell side, he helps owners improve their businesses, increase value, and position strategically in anticipation of sale, exit or succession. Sign up for his newsletter at TheDealFlowGuy.com and start the process.