Life After a Sale
Selling your life’s work is more than dollars and cents. It’s saying goodbye to a company, co-workers, and friends who’ve been a significant part of your personal and professional life for many years. How will you fill those 60+ hours each week now? Life after a sale asks the question, ‘what’s next?’ A successful business case has a beginning, middle and an end – preparations, negotiations and transitions.
Savvy business sellers recognize there’s more to it after the wire is received, the celebration dinner ends and rollover equity begins. The most successful business sellers have a well thought-out, well-crafted transition as part of their exit strategy. Long before an exit strategy has been formulated, we ensure a sellers post-closing goals and objectives are captured, fine tuned and aligned with their goals and objectives. Having well-defined G&O with additional margin ensures minimal disruption when the emotional peaks and valleys rear their heads.
The agreed upon transition period for a successful change of ownership is complete and now it’s time to step into the ‘what’s next’ stage of life. In delivering a proper process on our client’s behalf, we carefully orchestrate potential transition components minimizing the emotional overwhelm on the event horizon. Our peers don’t stick around for the long run with their clients once the wire is received. We’re with you to the end. Some call it a value add; we call it a relationship built on trust and mutual respect to see you through it all.
What are the opportunities waiting for you on the other side of those fears?
When our clients decide it’s time to move on, we’re standing in the gap for them. Whether they’re ‘over this business’ or their ‘interests have changed’ moving on mentally and emotionally is also part of selling your life’s work. Our counsel is more than discussing volunteer efforts, mentoring others or investing in local youth. It’s more than finding a vocation that brings joy and fulfillment to you. There will be a rollercoaster flood of emotions before, during and after your case closes. JSP is your stake-in-the-ground after the sale ensuring you’re at peace with every decision you make.
Despite any FUD (fear, uncertainty and doubt) understanding what makes a business sellable and valuable enables the owner to reflect on their journey, appreciate the achievements, and potentially reignite the fire within for what’s next. You need an impartial sounding board. Someone who will offer valuable insights free of bias, makeup and plastic surgery just as we present your case to potential buyers without makeup and plastic surgery.
When I exited the first time, everyone was eager to ask me ‘what’s next’ just like family asks newlyweds ‘when are you having a baby?’ I looked forward to have nothing on my radar screen! We highly recommend giving yourself permission to take time and reflect on what’s next. Everything will shift – personal, mental, emotional, spiritual, physical – once you’re not managing the day-in, day-out grind of a business. Over the decades, you have evolved through various life stages, and you’re not the same person today who started the company. You’re also a different leader and manger than you were in your thirties. Maybe you do; maybe you don’t want another business at this time. Taking a breather helps to uncover purpose, passion, joy and fulfillment.
Reflecting on your journey and what selling might mean for you is as important as the dollars and cents. For some it’s a door closing, and for others it’s a gateway to new possibilities. I found journaling helped me capture ideas, thoughts, feelings, etc., and because I’m old I sometimes forget. Writing down some of the dark thoughts helped me reshape, refocus and gain clarity on where my headspace needed to move towards. You will find what works best for you as you settle into what’s next. What IS next?
We’re going to state some fundamental assumptions:
1. Your proceeds provide you with ample financial security.
2. You understand the 3% rule of a well-diversified investment portfolio.
3. You look forward to reinvesting with your family on a deeper level.
4. You’re willing to expand your social network and strengthen relationships.
5. You don’t have to fill the 60+ hours/week from working any time soon.
6. Give yourself permission and margin to experiment.
7. It’s okay to fail at the new things.
Change leads to new perspectives, potential paths of freedom and possibly new learnings. Everyone’s journey is different. While the principles are similar, the preferences are infinite. We don’t subscribe to ‘it’s about ending one chapter and the promise of another’. It’s your time, your place and your own decision. Take the time to enjoy the process of what’s next!
I’ve learned everyone travels a unique path, especially after a significant life event like selling a business. You have a lifetime of experiences that formed your point of view. What’s next is you will need to challenge yourself to select the best path forward. What’s next is not a journey you need to take alone. What’s next is having a partner or two to guide and support you. What’s next is everything in life is best enjoyed when planning and preparation get you to where you want to go.
