Exit Preparation 10. Life After The Sale - what now
OK, here’s a grim bit of reality to chew on. Just stop for a moment and look back through the years. How many stories have you heard of fellow SME owners selling up so they can “live the good life”, only to drop dead suddenly and soon?
I could wax lyrical and say that they “died of a broken heart” in grief after losing the thing that gave real purpose to their lives and in many instances, that would be a true statement, if not one to be found in a doctor’s journals.
But, let this just be a warning that this is seismic stuff and I urge you to take it very seriously. The good times will only be good if you’ve put a lot of thought and reflection into two things –
- What do the good time look like in the future?
- What are you leaving behind that may actually be your true joy?
Minimise the risk by planning and building a picture of your new life and be very realistic about what your current life means to you and how you can consciously decouple yourself from it so the day you walk out the door for the very last time, you have nothing but warm memories and confidence in the future.
For many small and medium-sized enterprise (SME) owners in New Zealand, the decision to sell their business is not just a financial transaction but a significant life event. This moment marks a transition from the daily hustle of running a business to a new phase of life. The prospect of this change brings about a mixture of relief, excitement, and, quite often, a sense of uncertainty.
Planning how to spend time post-sale is crucial, as the abrupt shift from a high-engagement business environment to an undefined daily routine can lead to feelings of loss and disorientation. This article explores how NZ SME owners should approach thinking about their post-sale life and underscores the importance of avoiding the metaphorical cliff on day zero.
Acknowledging the Emotional Impact
First and foremost, it’s important for SME owners to acknowledge the emotional impact of selling their business. For years, the business has not only been a source of income but also of identity, purpose, and community. The transition can therefore feel akin to loss. Recognizing and preparing for this emotional journey is as critical as the financial preparation for the sale.
Envisioning Life Post-Sale
Envisioning life post-sale involves a deep dive into personal interests, aspirations, and values that may have been sidelined due to business commitments. SME owners should ask themselves what passions they've postponed or what dreams they've deferred. This reflection can help in shaping a fulfilling and engaged life post-sale.
Developing New Goals Setting new goals is vital to transitioning smoothly into post-sale life. These goals can vary widely depending on individual interests and might include travel, pursuing education, starting a new venture, dedicating time to hobbies, or increasing involvement in community or philanthropic activities. Goals give structure to what might otherwise be an overwhelming expanse of free time, providing direction and a sense of purpose.
Planning for Continual Growth and Learning
Lifelong learning and personal growth should be integral to the post-sale life plan. Whether it's learning a new language, picking up a new skill, or diving deep into a field of interest, these activities can provide mental stimulation and a sense of progress. They also open opportunities for social engagement and the formation of new networks outside the business community.
Building a New Routine
Creating a new daily routine is essential to avoid the feeling of falling off a cliff on day zero. This routine doesn’t have to be rigid but should include activities that promote physical health, mental well-being, and social connections. Structuring the day around these pillars can help maintain a sense of normalcy and purpose.
Investing in Health and Wellness
Post-sale life offers an excellent opportunity to invest time in health and wellness activities that may have been neglected due to the demands of running a business. Regular exercise, a balanced diet, and mindfulness practices can greatly enhance quality of life and energy levels, allowing SME owners to fully enjoy their new chapter.
Engaging with Community
Community engagement can provide a sense of belonging and purpose after exiting the business. This might involve volunteering, joining clubs or groups aligned with personal interests, or taking on advisory roles in community projects or startups. Such involvement not only contributes to the community but also leverages the SME owner’s expertise and experience in meaningful ways.
Exploring New Ventures
For many entrepreneurs, the drive to create and build does not retire with the sale of their business. Exploring new ventures, whether related to business or personal passions, can provide a new focus. It’s important, however, to approach these ventures with a mindset open to experimentation and learning, rather than pressure for success.
Staying Connected
Maintaining connections with former business colleagues, employees, and industry peers can provide a valuable support network during the transition. These connections can offer social interaction, opportunities for collaboration, or simply a shared understanding of the journey.
Seeking Professional Guidance
Finally, seeking professional guidance for life planning post-business sale can be incredibly beneficial. Coaches and counsellors specializing in career transitions can offer insights and strategies for navigating this change, ensuring that SME owners do not face the journey alone.
Conclusion
For SME owners in New Zealand, the transition to life post-sale is a journey that requires careful planning and active management. By envisioning a fulfilling post-sale life, setting new goals, building a new routine, and engaging in community and personal growth activities, SME owners can ensure that they do not just avoid falling off a cliff on day zero but step confidently into a new and rewarding phase of life.
This approach allows them to honour the legacy of their business while embracing the opportunities and adventures that lie ahead. Just a reminder.
If you are even considering selling your business, I encourage you to have a closer look at the RHQ SME Exit Preparation Programme. It’s six weeks of your life that could make a profound difference and remember, you can do it all without needing to take your attention away from either your business or your family and I will be on-hand to help with whatever you need. Click here for a summary of what the programme is about.