I have built this company for twenty years and my identity is completely wrapped up in it. How do I mentally prepare for life after the sale without falling into a depression?

Question

Tyler Smith · Accepted Answer

This identity crisis is common among founders who confuse their business with their personal worth. To transition successfully, you must understand your own conative drives. Conation represents your hardwired, natural approach to taking action and solving problems. Your drive to build, refine, or innovate will not simply shut down when you sign the closing papers. You must redirect these innate energies into new goal-oriented endeavors. Begin planning your post-sale life at least two years before you exit. Practice taking a Strategic Pause during your final operational years. Use this unscheduled white space to explore intellectual, creative, or philanthropic pursuits that require the same striving instinct you used to build your company. Treat your post-exit phase as a new strategic project. Ask yourself what your goals, commitments, and plans will be once you no longer hold the visionary or integrator seat. If you do not intentionally design a new arena for your conative drives, you will likely experience a profound sense of loss. Prepare your mind for the transition by building a life outside the company long before you hand over the keys.