According to the Exit Planning Institute, “studies have shown that 75% of owners who exit their business are profoundly unhappy a year after the exit.” Don’t be one of them!
This article explores the often-overlooked aspect of exit planning – the personal purpose of business owners after selling their ventures.
You need to start thinking about what you want your life to look like after you sell your business before you actually sell it, in order to plan for a successful exit strategy. So many business owners are tied to their business and that is who they are, and they live and breathe it 24 hours a day, seven days a week, which is understandable, because you are running a successful business.
That being said, you are still a separate individual and when you sell your business you must think about who do you want to be. What do you want to do next in the world, and if you do not think about that and wait until you have sold the business, then you are left sitting there thinking and wondering what to do. I see a lot of business owners who want to leave a legacy, not just to their family and children, but they want to create a foundation or charity. If you don’t start to explore that and research it, and plan for that as part of the financial piece of exiting your business, then when you get there, you may not have enough money to create that foundation/charity. This is why the exit process needs to get started two to five years in advance. In terms of working with a life coach who can help you, a year or two ahead of when you want to exit is essential because there are many other areas to research and give serious thought.
As a business owner you may have sacrificed other parts of your life, such as family, hobbies, health, etc. Now it is time to focus on you. Here are the different areas that you may want to explore before completing the sale of your business.
Personal Purpose
Your purpose may have been based on your business and now you are wondering what your purpose in life will be. Many of us find our purpose in our 20s or 30s, however we can have a new purpose as we get older. Our purpose in life can change and develop. This process requires deep introspection and evaluation of your life. As a coach I will guide you through a process to come up with your new purpose.
Where do you want to live?
If you are no longer tied to being in the office and can live anywhere, where would that be? Do you want to live near your children or grandchildren? How many homes would you like to have?
Relationships
What will your relationships be like now that you’re home more often and able to be a bigger part of your family’s life? Do you want to strengthen some of your relationships? Do you want to create new friendships?
Health
Are you constantly stressed out? Stress reduction techniques can be very beneficial as you go through the exit planning process.
Working seven days a week, always on call, you may have neglected your health. Do you want to focus on this area? Would coming off certain medications excite you? Diet, exercise, and mental health are all key components of health that can be improved.
Hobbies & Interests
Are you worried about boredom and what you will do with yourself after you sell your business? I can assure you that there are so many interesting things to explore when you are not working. We can look at what your hobbies were growing up or in your 20s. No longer interested in those? We will explore new hobbies and interests. Maybe you want to learn a new sport, tennis, golf & pickleball are all very popular these days.
Worried about mental stimulation? Taking classes, reading and games like chess can address that concern. The world is your oyster.
Helping Others & Giving Back
Perhaps you have been so financially successful that you would like to create a foundation or charity. You will need to research what goes into creating a foundation, financing needs, staffing, etc.
Would you prefer to support an existing charity with your money, time, or board participation?
Another option is working with children, becoming a Big Brother/Big Sister. There are so many children that could benefit from your nurturing and support.
There are also opportunities to work with young entrepreneurs who are just starting out and need mentors. Organizations such as SCORE provide these opportunities.
You can give as much or as little time as you like to helping others succeed, it’s really up to you to decide how you want to spend your time.
Working with a Life Coach
Working with a Life Coach can be beneficial as you explore these different areas of your life. Your coach will hold you accountable & guide you through the process without judgement. With a coach you will set SMART goals, (specific, measurable, attainable, realistic & timely). The coach can work with you before, during and after exiting your business.
In conclusion, selling your business and how you spend your time afterwards should bring you happiness, not boredom. Stay open-minded to exploring new options, meeting new people, and creating the life that you want. After all you worked very hard to create a successful business, you deserve to live a full, satisfying life after you sell the business.
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