Personal Vision – Your Life After the Sale

Your life after the sale of your business is often the most important and most neglected part of your exit planning. Multiple owner surveys report that upwards of 75% of owners report regrets and/or unhappiness a year after the transition.

Many advisors include some conversation about “life after” planning but most gloss over it. Many owners can cover the first few years with family activities, travelling, hobbies, etc. When advisors try to broach the subject of longer-term activities, the owner will often answer, “let’s get the money and worry about what to do with it later”. They don’t realize that the money can’t fix everything.

“I’m retired” is a nebulous identity that lumps every retiree into the same group. Business owners are different. They miss the ownership identity. As an owner, there was always something that needed their attention and expertise. There’s a feeling that you lack an identity.

I encourage my clients to mentally design a new business card. Handing someone this card is a shorthand version of declaring your identity. It can be both fun (outdoorsman) and more serious (charity board member). Doing this describes your new identity, ongoing contribution to something or someone, and a role of importance. This can change your mental outlook to “life after” almost overnight.