Life After the Sale – Personal Vision

Even when business owners are comfortable with who they are, there are still lingering nuts and bolts issues with activity.

An owner typically spends 30 or 40 years focused on running the business. Unless they’ve built a substantial organization that is run by the management team, it likely remains the owner’s biggest single time commitment right up until the day they leave.

When asked about activities to fill their week, many owners will say. “I have plenty of things to do”. However, “plenty” requires planning around what is really going to fill that time void.

After exiting the business, the owner will often bask in their newfound freedom and their first reaction may be to embark on some travel plans. The extended vacation period usually ranges from six to twelve months. After that, many owners are looking for things to do. There’s family, friends, and hobbies but they can often only partially fill the void.

I use an exercise that forces the owner to recognize just how much the business has dominated his/her life. It starts by asking the owner to think one year ahead.

We analyze the owner’s typical work week (i.e., 50+ hours). Then we begin deducting the time earmarked for those activities described as “plenty of things to do”. We discuss travel, hobbies, family commitments, friends, fitness, volunteer activities, etc. The objective is not merely to fill up the time, it is also to illustrate just how big the void really is.

Whether your exit is planned for a year from now or ten years from now, it’s never too soon to start thinking and planning for life after the sale.