What Happens Next – Planning for Life After You Exit Your Business

I was reading the other day about the link between retirement and depression.  While many people find the prospect of retirement exciting, the reality becomes something much less as they struggle to know what to do with themselves.  This is particularly true for a business owner dealing with exiting a business.  Who you are as a person probably seems deeply intertwined with your role as a business owner.Unfortunately, many of us know someone who retired or sold a business and then relatively quickly deteriorated mentally and/or physically.  I recommend that you take time as part of the succession or exit planning process to plan for your future life after you leave the business.  What are your answers to these questions:

  • What are the recreational activities you would like to be involved in?

  • Are you interested in volunteering?

  • Do you want to take classes at the local college?

  • Do you want to take up an instrument?

  • Where would you like to travel?

  • Are there relatives you would like to spend more time with?

  • Where do you want to live?

  • Do you want to be more involved in your faith?

  • Do you want to have a second career?

These and other similar questions can help you come up with what you want to achieve after your exit.  Planning for your life after the exit will make that transition less intimidating.  Planning will also make it much more likely that you actually realize your dreams.