I am worried about what my life will look like the day after I hand over the keys to the buyer, because my entire identity is tied up in running this company. How do I transition without losing my mind?

Question

Tyler Smith · Accepted Answer

This identity crisis is incredibly common and often causes owners to sabotage their own deals at the eleventh hour. To prepare for life after the sale, you must begin building a life outside of the business before you sign the papers. Use the concept of white space to systematically unplug from daily operations. Start by taking a full week off with zero contact with the office, then a month, to prove to yourself that the business can survive and that you can exist without it. Look at your conative profile. If you have a high Quick Start drive, you will naturally want to dive immediately into a new, complex project or start another company. If you are a Fact Finder, you might want to spend months researching a new industry. Recognize these hardwired patterns so you do not make impulsive decisions post-exit. You also need to realize that the buyer will likely want you out of the way quickly, or they will lock you into an earn-out where you no longer have final decision-making power. Accepting this shift in control is easier when you have already defined your next personal V/TO®. Start planning your next chapter now, whether that involves philanthropy, advisory roles, or personal ventures, so that you are running toward something exciting rather than just running away from your business.