Succession Planning. What's next?

Management

What’s Next?

February 10, 2017

Succession Planning Question 10: What will you do after you sell your business?

Scott Fitzgerald famously wrote that there are no second acts in American life. Fortunately, history has proven that there can be second and even multiple acts – ­ even after we sell the business we built and nurtured for many years. The trick, of course, is to have a clear idea of what you want that next act to look like.

This brings us back to where we began: defining your vision and timing for selling your shop. Perhaps your vision was to stay connected to the business in an advisory role. Or maybe you wanted the freedom to travel, pursue a hobby or just walk the beach. You might also envision starting another business or changing careers entirely. Then, again, you might wish to devote your time to volunteering for a worthwhile cause. You might even want to run for public office.

The fact is, time and circumstances may change your initial vision. That’s why it’s a good idea

to periodically reassess what you want to do next and adjust your end game accordingly. That way you’ll have a new starting point to look forward to when the time to let go is upon you.

Finally, don’t be discouraged if your second act doesn’t work out as you had hoped. Sometimes the reality of a situation doesn’t quite measure up to the dream.

What’s important is that you’ve done all you can to maximize the value of your business at sale time so you have the resources to make the most of your next acts.

Succession Planning 1: What is Your Personal Vision and Timing?