Blood, Sweat, Tears, and Fears: This Business is My Life and I’m Worried About Life After I Sell It
The prospect of selling a business can be more than a little scary for business owners. This blog post walks through a few ideas for a post-exit plan that will help you plan for your future.
If you are like the majority of business owners, you are likely dealing with a mixed bag of emotions as it comes time to execute your retirement plan. You have spent decades building your business and securing your finances, a staff has relied on your leadership to steer the ship, and your identity has been defined for years by your role as a business owner. Running your company has required a robust financial, physical, mental, and emotional investment. It is natural to feel uneasy about handing over the keys to your kingdom and to experience doubts when nearing the finish line. Although it is scary, the transition into the world of retirement can be full of wonderful moments.
You likely spent a lot of energy planning your financial goals for this new stage of your life. You need to do the same for your social and emotional life after retirement. An organized, diversified plan that focuses on health and happiness can help ease some worries and ensure you spend your upcoming days doing all of the things you dreamed of doing once you finally retire.
Up and At ‘Em. Surely, it will be tempting to hit the snooze button on those first few mornings without an alarm or early morning meeting. But, establishing a routine that starts with waking up early will boost your energy and make the transition feel a bit more like the routine you’re used to. Then you’re up and can tackle whatever you want to do!
Get Moving. Whether you’re an avid golfer or enjoy visiting the local YMCA, it is important to stay active. Create space in your day to focus on movement. Now that you have the time, you can join that tennis class or pickleball league you never had time for when your day was packed full.
The World is Your Oyster. Do you remember dreaming of paradise vacations early in your career? Saving up PTO hours for trips in hopes to unwind? What seemed like a dream then can be your reality now. Whether it’s camping for a long weekend in the mountains, relaxing for a couple of weeks with snowbirds on warm beaches, or spending a month abroad soaking in the Amalfi Coast, traveling can reignite creativity and allow you to explore new cultures and experiences.
Make Life Grand. There is no truer cliché than “time flies,” and that is especially true when watching your grandchildren grow. Sometimes it seems like you blinked and they’re a foot taller. Kids’ schedules are packed with sports, school extracurriculars, and hobbies that you now have the time to attend. Whether you want to help coach your grandson’s t-ball team or just take a simple walk with your granddaughter, making time for grandkids will create some amazing memories for both you and them.
Do Well by Doing Good. There are a number of ways that volunteering can benefit you, including staying connected, meeting new friends, and boosting self-worth. Align your community engagement activities with interests or causes that you’re passionate about to ensure that you get the most out of helping others. Volunteering doesn’t have to mimic work, either. You can donate to causes, create a foundation, or become an advocate for your cause.
Planning your days around what fills your heart and soul should ease the worries of wondering what’s next. Now that the business transactions are done, you can focus on your health and happiness in a way that time did not allow during your working years. Retirement is not the end of the road, but the beginning of your open path!
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