Out of the Game: How to Stay Happy and Busy Beyond the Sale

Out of the Game: How to Stay Happy and Busy Beyond the Sale

You’re an entrepreneur. You’re filled with ideas, aspirations, and energy. It’s what made you successful in the first place. But those same qualities might not help you post-sale. Entrepreneurs often struggle with finding a fulfilling activity after they’re out of work and find themselves longing for the excitement, pressure, and adrenaline rush they received in their days as owners.

Don’t be left twiddling your thumbs around the house after you sell your company. Instead, take the following steps to stay happy and busy beyond the sale:

Invest in Your Physical Health and Relationships

• Since you’ve been building a successful business over the past several years or decades, I’m guessing you’ve been putting in long hours at the office and have been in the habit of bringing your work home, too. Often, an entrepreneur’s health will suffer since well-balanced meals and daily workouts don’t easily fit into a busy owner’s schedule. The same goes for relationships; we often don’t even realize the toll our dedication to our work has taken on our families. Take this time to reconnect with your health, fitness, spouse, children, and friends. Not only will you be happier, research indicates you’ll live longer, too.

Consider Teaching

• You’ve accumulated a mass amount of knowledge about business, leadership, and your specific industry through the years. Tempted to share it? Great! Pour your energy into writing a book, teaching a class, or booking speaking presentations. Not only will you get to engage with the material you love, you’ll be helping out others who are just starting down their entrepreneurial paths. Another way to go about sharing your knowledge is to become a mentor. Join a local entrepreneurs’ organization to share your expertise with and get advice from your peers. You can read more about our recommendations for the best entrepreneurial organizations in our previous blog post, “A Little Help from My Friends: The Benefits of Joining a CEO Peer Group.”

Rediscover Your Sense of Purpose

• As I write in Walk Away Wealthy, the post-work stage of life should be about going from success to significance—that is, going from focusing on your own achievements, money, and accolades to focusing on what you’re truly passionate about, such as serving other individuals, your community, and humanity. Whether that comes in the form of volunteer work, founding a charitable organization, taking up an instrument, or becoming the world’s next best nature photographer, the important thing is to identify what it is you love doing. Find a way to express your passion and you’ll be as successful after the sale of your business as you were before.

Establish a “Bucket” System for Your Money

• Still got that entrepreneurial itch? Many former CEOs do. Here’s the problem: Many entrepreneurs end up spending the money they earned from the sale of their business to fund new, risky ventures that don’t always pan out. Use a “bucket” system to avoid losing your hard-earned nest egg. Dedicate about 50 to 90 percent of the funds from your liquidity event to your living expenses “bucket.” Do not ever use this cash for business. The rest can go to your risky venture “bucket.” You’re free to use this money to start a new business or invest in startups without risking your financial stability.