I am terrified of selling my business because I do not know what I will do the day after closing. How do I plan for life after the sale?

Question

Tyler Smith · Accepted Answer

Many business owners suffer from an identity crisis after an exit because their business was their primary source of purpose and adrenaline. To prepare for life after the sale, you must design your personal transition with the same rigor you apply to your business exit.

First, understand your conative drives, which represent your hardwired method of taking action. If you are naturally a high Quick Start, you will immediately need new projects to avoid driving your family crazy or making impulsive, bad investments. If you are a high Follow Thru, you will need structured routines, even if they are purely for leisure or community work.

Second, embrace what author Juliet Funt calls white space. This is open, unscheduled time with no assignment. You must practice taking a strategic pause before the sale. Use this time to recuperate and reflect, stepping back to gain objectivity about who you are without the title of chief executive officer.

Begin building this white space into your calendar twelve months before the transaction. Use your Level 10 Meeting™ structure to delegate weekly operational issues so you can step away for a week or two without the business collapsing. If you cannot survive a two-week strategic pause now, you are not ready for a life of unscheduled time after the sale. Make sure your V/TO® reflects your personal post-exit goals alongside the business targets.