The Hardest Part of Letting Go
I remember the morning of our change of command ceremony. It was the day I would officially hand over the reins of Chargin’ Company, 1st Battalion, 5th Cavalry Regiment, 2nd Armored Brigade Combat Team, 1st Cavalry Division. At the conclusion of the ceremony, I would no longer be the commander, “Chargin’ 6.”
As I stood in front of the formation for the last time under the blistering Fort Hood, Texas heat, beaming with pride at the soldiers neatly formed in ranks, I felt a deep sense of pride in what we had built together. This company wasn’t just a job. It was a community, a culture, and a mission we poured everything into.
Building Together
I hadn’t worn the title of commander for long, but it was the greatest honor of my life. We had created something worth protecting, a team that trusted each other, held high standards, and genuinely cared about doing things the right way. We prided ourselves on excellence, whether it was the small things like checking fluid levels and cleaning air filters or the big things like staying late to install newly arrived parts.
That effort didn’t go unnoticed. Our company was awarded the Armor and Cavalry Leadership Award, recognizing us as the top-performing armored organization in the entire 1st Cavalry Division. That distinction wasn’t just about performance and readiness metrics. It reflected the culture, care, and commitment that defined how we operated every single day.
Choosing the Right Successor
When it came time to pick my successor, I took it seriously. I knew how important this team was, and I wanted the right person leading it. Not just someone with the rank or the résumé. I wanted someone who was tactically sharp and technically proficient, someone who put in the hours in the tank gunnery simulator, who could plan complex operations, and who understood the importance of bore sighting optics and tracking maintenance schedules.
But even more than that, I needed someone who could listen to the tankers and mechanics, take feedback seriously, and lead with humility and heart.
I had seen firsthand how difficult transitions could be. After a first attempt at change-of-command didn’t go the way we had hoped, I had the good fortune and timing to help choose a better fit, someone I knew valued the company and its people. It wasn’t easy to let go. But I knew that with the right leader in place, the mission would continue and the culture would carry on.
What I Learned About Passing the Torch
When I handed over command of Chargin’ Company, it wasn’t just about turning in keys or updating rosters. It was about ensuring the new leader could carry on what we had built. That meant more than just tactical knowledge or technical skill. It meant caring about the team, understanding the culture, and being prepared to lead with the same values.
That experience taught me something I carry with me to this day: successful transitions are about people. They’re about trust. And they’re about making sure the next leader sees the business not just as a set of operations or numbers, but as a living, breathing organization shaped by real people and real effort.
The Buyers Who Get It (And Those Who Don’t)
Not all buyers are the same. And not every buyer is the right one for your business. Here’s a quick breakdown of what you may encounter:
- Financial buyers, such as large private equity firms, often focus on short-term returns. Their goal may be to increase margins quickly, sometimes at the expense of team continuity or customer relationships.
- Strategic buyers, such as large companies in the industry, may be more interested in your routes, customer base, or footprint. They often fold acquired businesses into a larger system, and your team may be absorbed or let go.
- Entrepreneurial buyers, like me, are different. We focus on buying and operating just one business. We step in full-time, lead from the front, and invest ourselves in growing the company, with a focus on taking care of the people and the legacy that came before.
How the Right Transition Actually Works
If you’ve never sold a business before, here’s what the process generally looks like:
- Initial Conversations – This is where we get to know each other. You share your goals, I share mine, and we figure out if there’s a good fit.
- Letter of Intent (LOI) – A non-binding agreement that lays out the major terms of the deal, including purchase price, structure, and timing.
- Due Diligence – We dig into the business together to understand the details. This includes financials, operations, customers, and more. Our goal is always to make this part as respectful and smooth as possible.
- Final Agreement and Closing – We sign the purchase agreement, close the deal, and you get paid.
After the sale, the transition period is flexible. Some owners choose to stay involved for a few months or even years, stepping into roles like senior advisor, customer liaison, or strategic planner. Others prefer to step back quickly. Many owners also choose to roll over a portion of their equity, so they can continue to benefit financially as the business grows.
There’s no one right way, just the way that works best for you.
The Questions That Matter Most
If you’re thinking about selling, one of the most important things you can do is ask the right questions. The answers will tell you more than any presentation or sales pitch ever could.
Here are a few to consider asking any potential buyer:
- What matters most to you about the future of this business?
- How do you plan to take care of the employees and customers?
- What will you do to protect the company’s reputation and legacy?
- How do you think about growth, and what are the first steps you’d take?
- What experience do you have leading teams through change?
When you hear someone talk about preserving culture, investing in people, and leading with care, and they can back it up with real examples, you’ll know you’re talking to someone who’s ready to do it right.
Carrying the Legacy Forward
That’s exactly how I want to approach this next chapter. As an Entrepreneur-in-Residence with NextGen Growth Partners, I’m focused on buying and leading one great business for the long haul. Not to flip it. Not to restructure it beyond recognition. But to grow it, with intention and respect.
The same way I led in the Army, I plan to lead in business. By building trust, showing up every day, and investing in the people who make the operation run. At NGP, our entrepreneurs share this approach. We back operators who are committed to carrying forward the legacy of the companies they acquire.
We believe in:
- Relationships – Care and communication over egos and silos
- Rigor – Feedback and experimentation over hesitation and defensiveness
- Results – Long-term value creation over short-term gains
We know these transitions are about more than numbers. They’re about people. And we take that responsibility seriously.
You’ve Earned This
Selling your business is a big decision, but it doesn’t have to be a painful one. Done right, it can be the most respectful, rewarding, and responsible step you take — for yourself, your family, and your team.
Whether you’re ready to begin the process or just starting to think about it, I’d love to connect. I’m happy to talk about how we approach transitions at NGP and what a thoughtful partnership could look like.
And if you know someone else who may be considering a transition, we offer a 1 percent referral fee (up to $200,000) for introductions that lead to a closed deal.
Let’s make sure what you built keeps going strong.
About the Author:
Nick Lee is a former U.S. Army tank officer and current Entrepreneur-in-Residence at NextGen Growth Partners. He spent eight years leading soldiers, maintaining heavy vehicle fleets, and managing operational logistics before transitioning into the business world. Nick is focused on acquiring and operating a mission-critical service business, with a long-term commitment to preserving the legacy of its owner and investing in its people. He graduated from the United States Military Academy at West Point and earned his MBA from the Kellogg School of Management at Northwestern University. Nick lives in Chicago.
