Many business owners wonder, “What will I do after I sell my business?” While most envision travel, or golf, etc., many fail to understand that they will likely have to stay on board for months or even a couple years to transition the business to the new owners.
This period can be hard for many owners, since they have to make a shift from an “ownership mentality” (top-down) to a “management mentality” (up and down). The new owners (particularly a larger corporation and/or private equity firm) will require management reports, milestones, and other protocols that many owners of small enterprises are unused to.
For owners who recognize that selling the business is their best choice, this can cause a lot of angst. So what is the “trick” to managing such fear/anxiety? I tell owners to remember three things when they sell their business:
1. I just got paid a lot of money that will give me freedom and peace of mind, versus always worrying about my business and wealth.
2. My employees likely have been given more upward mobility in a larger business, and often better benefits.
3. This transition period is just that; in the context of a 40 year career (and 80+ year life), a year or so of managing/mentoring never killed anyone.
Owners who embrace this new role will be given the chance to have better work results and more life satisfaction. It is a gift that owners make to themselves.
If you know an owner who’d like to think more deeply about this, you can send them to the What’s Next? Self-Assessment (see link below), and give them this coupon code to save 50% : save50. They can also email me at paul@theplatinumyears.com