I have sold my business, now what do I do? Finding your “what’s next” is critical before you sell your business; otherwise, you may hang onto it too long or be depressed after you sell.
In this post, we will take a look at a list of top 3 tips to help you find your “what’s next”;
1. Start by listing activities or hobbies you enjoy and plan to do more of after you sell your business and try them before you sell.
2. Connect with other business owners and entrepreneurs to gain valuable insight into how they spend their time and what activities they would recommend.
3. Do a life audit to fully assess which areas of your life require change and consider how you can bring new goals to life.
1. List activities or hobbies you enjoy and try them before you sell.
If you’re thinking about selling your business, you might be wondering what life will look afterwards. Before making any decisions, it is important that you get clarity on what you would want to be doing. The first step is to start making a list of activities or hobbies you enjoy and devote 1 to 5 hours a week to them to see if you really want to do what you thought you wanted to do.
If it turns out that this isn't the right path for you, don't worry! There are plenty more options out there. However, if your new pursuit becomes integral to your life and identity, it's possible that now is the time for a change.
Pursuing activities or hobbies that interest you might even turn out to be a source of inspiration for building another business.
For example, Satoshi Tajiri combined his childhood bug-collecting hobby with his later passion for video game design to create the Pokémon franchise, whose total revenue is estimated to be around $118.5 billion.
2. Connect with other previous business owners and entrepreneurs
Asking other previous business owners and entrepreneurs about the activities they are currently doing can be a great way to gain valuable insight into how they spend their time. This information can allow you to identify what your ideal situation would look like, as well as help you understand what types of activities are most important to you right now.
Once you have a good understanding of what your ideal situation would look like and the types of activities that are important to you, it’s time to think about how you can make this happen. Identify the steps required for each activity, how much time they will take each day, and what resources (financial or otherwise) you need to make it happen.
3. Do a life audit
A life audit is a process in which you evaluate your life's past, present, and future. It’s an opportunity to get clarity on your vision for yourself moving forward by taking an honest look at where you are today.
It can be helpful before going through a transition like selling your business because it allows you to reflect on what has worked over the years and consider what hasn’t.
Doing a life audit can also bring to light opportunities for making changes in new areas you wouldn’t have otherwise considered.
In the end, a life audit is an exercise in self-reflection. It can be challenging to look at your life objectively, but it’s crucial to do so if you want to move forward with confidence and clarity.
The selling of a business is a big deal. And if you're like most people, it can be scary– especially if you've been an entrepreneur for a long time or built up your business from scratch.
If and when you're ready to move on and find your "what's next," there are some things to keep in mind. In this post, we have taken a look at a top 3 list of tips to help you find your “what’s next”:
1. Start by listing activities or hobbies you enjoy and plan to do more of after you sell your business and try them before you sell.
2. Connect with other business owners and entrepreneurs to gain valuable insight into how they are spending their time and what activities they would recommend.
3. Do a life audit to fully assess what areas of your life require change and how to bring new goals to life.
If you have any questions, don’t hesitate to contact us. We will help you prepare for selling your business and assist in turning your ‘what’s next?’ into what’s best!
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