Life Doesn't Stop After the Sale of Your Business
While selling your business may be the end goal, life doesn’t stop after the sale - it continues on but on a vastly different course. In a recent podcast episode, Jessica Fialkovich, President of Transworld Business Advisors - Rocky Mountain shared that, “A lot of entrepreneurs are really emotionally tied to their business, basically it’s their child, so the biggest thing I see is people are just so done with their business that they haven’t really focused on what’s next. And I’ve seen it happen with multiple people, even my husband when we sold our first business. There’s a period of depression, almost grief, after you sell a company if you don’t have the next thing in place to go after.”
Make a Post Sale Plan
We like to suggest that business owners put some thought into how they will spend their time after they sell their company. For some including, our President and her husband, they spent time traveling after they sold their first business. This reinvigorated their creative juices and allowed them to spend quality time together, after being so heads down in their company, so they could identify what their next project would look like.
For other owners, this may be finally getting to try a new hobby, like training for a marathon, or taking some classes to learn a new skill like short story writing. Another great way to put your new found free time to good work is to volunteer for a meaningful cause, and identifying board positions where you can put your ownership expertise to work in a new application.
Giving yourself a break and some time to healthfully transition to this new part of your life is important. Find your daily routine, and make sure that you add some structure like always starting with a morning exercise routine. Once you’ve found your new normal, than it may be time to think about the next project like investing your capital so you can use your exit as a long-term wealth building experience.
Finding Purpose After a Sale
Finding purpose after a sale may not be easy, but with planning, time and a little work, prior business owners can find fulfilling structure or the motivation for a new project. The key is finding activities that match the values and preferences you found as the owner of your business and learning how to develop identity and community through these post-sale endeavors. To speak with a broker about making plans for life after a business sale, schedule a free consultation, or visit our website.
Rachael Holstein has been the Marketing Manager for Transworld - Rocky Mountain since 2016. Her work experience has been largely focused on business development and marketing in business brokerage, finance, architecture, property management, and information technology. A long time resident of Cleveland, Ohio, she attained her undergrad from John Carroll University and her Master’s Degree from Cleveland State University. In 2013, she relocated to Denver with her husband, Joe, and her furry companions to explore the mile high lifestyle!
If you liked this blog and want to receive more content, just like this, right to your inbox, sign up here!