A funny thing happens when business owners finally get what they’ve been working toward.  They may have successfully sold or transferred their business, but then they wake up one morning and nobody needs them.   

No phone ringing before breakfast.  No employee with a question.  No customer who wants “just five minutes.”  No problems waiting for them when they walk through the door. 

At first, it feels pretty good.  Then it starts to feel different.   

We spend a lot of time talking about selling a business, how much it’s worth, taxes, the right buyer, and what to do with the proceeds.  However, most business owners don’t spend the time talking about what will happen on a random Tuesday one week, month, year after the transaction. 

Business owners as a whole are often problem solvers.  Which may be why they are successful in the first place.  They like making decisions.  They like fixing things.  They like seeing progress. 

Take that away overnight and it’s not unusual to feel a little off.  Not because you miss the stress, but because you miss having a reason for someone to call. 

Generally, the owners we have worked with who are happiest after an exit aren’t the ones who stay the busiest.  They’re the ones who find somewhere else to put their attention.  Maybe that’s mentoring another owner, joining a board, spending time with family, helping at church, or finally saying yes to things that always got pushed to next month. 

It doesn’t have to be another business…it just has to matter to you! 

The financial side of an exit is important.  It helps give you choices, but having choices and knowing how you want to spend your days aren’t the same thing.  That’s worth thinking about before you sign the papers. 

The business was a big part of your life, but it doesn’t have to be the only part. 

If you’re beginning to think about life after business (even if that is years away), it can be helpful to have conversations that go beyond numbers.  Sometimes the best planning isn’t about maximizing the sale.  It’s about making sure you’re just as prepared for what comes next. 

Read more at us.rbcwealthmanagement.com.
 

Tyler Thomas is a Financial Advisor with The Cypress Group Team of RBC Wealth Management located in Wilmington, NC, helping families, professionals, and business owners plan, invest, and live with confidence.   

[email protected]  

www.linkedin.com/in/roberttylerthomas  

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