Welcome to our new series on empowering business owners for what’s next: an exploration of topics that many business owners have come to us with during the M&A process, as they begin to contemplate what their life will look like after a sale or merger, which might include continued involvement, a new venture or time spent on personal growth and passions.
As a business owner, you’ve poured years of your life, countless hours, and immeasurable passion into building your company. It’s been your focus, your purpose, and in many ways, your identity. But what happens when you decide to sell? How do you navigate the transition from being “the boss” to… well, who exactly?
This question of identity is one that many business owners grapple with after exiting their company. It’s a profound shift that goes beyond the financial implications of a sale. Suddenly, the daily routines, challenges, and responsibilities that defined your life for so long are no longer there. It’s like stepping off a treadmill you’ve been running on for years – the sudden stillness can be disorienting.
But here’s the exciting part: this transition is also an opportunity. It’s a chance to rediscover yourself, to explore passions and interests that may have taken a back seat while you were building your business. Maybe you’ve always wanted to travel more, learn a new skill, or dedicate time to a cause you care about. Now, you have the freedom to do just that.
However, this journey of self-rediscovery can cause you to experience a range of emotions during this transition. You might feel a sense of loss or uncertainty about your purpose. You might struggle with the shift from being in charge to having more unstructured time. These feelings are normal and part of the process of adapting to your new reality.
One key to navigating this transition successfully is to approach it with intention. Just as you likely had a strategic plan for your business, it’s beneficial to have a plan for your post-exit life. This doesn’t mean scheduling every minute of your day, but rather thinking deeply about what you want this next chapter to look like. What values do you want to prioritize? What goals do you want to pursue? What kind of impact do you want to make?
It’s also important to remember that your identity as a business owner doesn’t disappear overnight. The skills, experiences, and wisdom you’ve gained are still very much a part of who you are. The challenge – and the opportunity – is to figure out how to apply these in new contexts.
This is where working with a trusted advisor can be invaluable. At Align Business Advisory Services, we understand the complex emotional and psychological aspects of transitioning out of business ownership. Our advisors have helped numerous business owners navigate this journey, providing not just financial guidance, but also support in redefining their personal goals and identity.
An experienced advisor can help you process the emotional aspects of the transition, identify new opportunities that align with your skills and interests, and develop a roadmap for your post-exit life. They can also connect you with other former business owners who have successfully navigated this transition, providing you with valuable insights and a supportive community.
Remember, selling your business isn’t the end – it’s also a beginning. It’s the start of a new chapter where you have the freedom to redefine yourself on totally new terms. Yes, it can be challenging, but with the right mindset and support, it can also be incredibly rewarding.
As you contemplate your identity beyond your business, be patient with yourself. Allow yourself the time and space to explore, to try new things, and even to make mistakes and learn from them. Your identity as a business owner will always be a part of you, but it doesn’t have to define your entire future. The skills that made you successful in business – your creativity, your problem-solving abilities, your leadership – can be applied in countless new ways.
Embrace this opportunity to grow, to learn, and to discover new things. After all, the entrepreneurial spirit that drove you to build a successful business is the same spirit that can guide you towards an exciting and fulfilling post-exit life. And remember, you don’t have to navigate this journey alone. With the right guidance and support, you can confidently step into your new identity and make the most of the opportunities that lie ahead.
At Align, we specialize in helping business owners like you find M&A partners that are the right fit to allow you to make the kind of transition you want for your business. Contact us if you’d like to learn more.