In this episode of Retire in Texas, Darryl Lyons and PAX Financial Advisor Greyson Hanna take listeners through the emotional, practical, and behavioral realities that business owners face when preparing to transition out of their companies. Drawing on years of advising entrepreneurs - and personal experience from a family of business owners - Darryl explains why selling a business is far more than a financial transaction.

They break the conversation into the six phases of PAX Financial Group's business transition process:

• Phase Zero: Understanding the Owner and Spouse, including personal history, sacrifices, communication styles, and behavioral tools like the Enneagram to uncover motivations and priorities.

• Phase One: Business Discovery & Exit Readiness Assessment, where owners begin evaluating industry dynamics, operational gaps, and qualitative questions that often seem simple - but prove surprisingly difficult to answer.

• Phase Two: Valuation Preparation, helping owners gather the information needed for an equity estimate that provides a directional view of their company's worth rather than relying on guesswork.

• Phase Three: Honest Conversations & Risk Review, inviting both spouses into discussions about fears, expectations, long-term goals, and the emotional impact of stepping away from the business.

• Phase Four: Strategy & Buyer Fit, covering potential internal and external buyers, tax considerations, tradeoffs, and the importance of allowing enough runway - often years, not weeks - to position the business properly.

• Phase Five: The "Wheel of Life" Transition, where owners begin planning purpose, meaning, and fulfillment beyond the sale, ensuring they enter retirement with clarity, stability, and a vision for how they want to spend their time.

If you know a business owner preparing for their next chapter, feel free to share this episode with them!

This episode provides general educational information only and is not intended to provide specific investment, tax, or legal advice.