Nate Collins is a Financial Advisor at Raymond James. He works with a select number of business owners and their families to achieve their financial goals. Nate provides in-depth tax-mitigation strategies and estate planning, as well as comprehensive family-office services. He helps owners understand exit readiness, maximize wealth transfer, gain family alignment, and prepare for “life after exit.”

nate.collins@raymondjames.com
203.635.5420

BUSINESS OWNERSHIP

How to avoid the common hangover after a business sale.

The journey to finding joy after selling your business is unique and multifaceted, presenting both challenges and opportunities for personal growth and fulfillment. On this Business Exit Insights podcast, executive coach and former CEO, Jonathan Shapiro, offers a roadmap for navigating this transition, emphasizing the importance of planning and sharing his recipe for wellbeing.

3 Lessons

Embracing New Beginnings: Shapiro stresses the importance of viewing the sale of a business not as an end but as the beginning of a new chapter. This perspective shift encourages former business owners to explore new passions and interests that were previously sidelined due to business commitments. “Of all the people I've worked with, close to 200 CEOs and founders, none of them, not a single one, has retired…even after an exit.”

Planning for Post-Sale Life: The transition can be smoother with careful planning. Shapiro says that one mistake many owners make is not proactively preparing for the post-sale life. “There is this naive view that, hey, it's going to be great.” Shapiro advises on the necessity of preparing for the emotional and psychological adjustments that come with selling a business. Having a plan in place for how to spend one's time and energy can mitigate feelings of loss or aimlessness.

Seeking Guidance and Support: Navigating the post-sale landscape can be daunting. Shapiro advocates for seeking advice and support from those who have gone through similar experiences. Whether through formal advisory roles or informal mentorship, learning from others' journeys can provide invaluable insights and support.

Three Keys To Wellbeing

1. Building and Maintaining Relationships: The importance of relationships in finding post-sale joy cannot be overstated. Shapiro points out that the social interactions and networks built around a business can change dramatically after a sale. Actively investing in existing relationships and building new ones is vital for personal well-being. “Spend time and your resources being with people you like and love, and that like and love you back and sharing experiences.”
2. Financial, Physical, and Emotional Security: With the financial aspect of the sale often being significant, Shapiro encourages a focus on long-term security and stability. Wise management of the proceeds from the sale can provide the freedom to invest in your physical and emotional health without financial pressure. “Take care of yourself. Invest your time and resources in being physically and emotionally healthy.”
3. Finding Purpose: Finding joy after selling a business often means discovering purpose beyond the financial rewards. Engaging in activities that align with personal values and contribute to a sense of fulfillment is crucial. Shapiro highlights the significance of identifying what truly brings happiness and pursuing it with the same vigor once dedicated to the business. Whether it's philanthropy, mentorship, or starting a new venture, finding ways to make a meaningful impact can lead to profound satisfaction. “Spending time doing something you love in service of something bigger than yourself creates purpose, which is the whipped cream and cherry on the wellbeing sundae.”

In conclusion, finding joy after selling your business involves a combination of forward planning, seeking new purposes, nurturing relationships, and engaging in activities that resonate with personal values. Shapiro's insights, gathered from working with successful CEOs and founders, serve as a guide for navigating the emotional landscape of this transition, offering strategies for building a fulfilling life post-sale.

Contact Nate Collins at nate.collins@raymondjames.com to discuss your business exit plans.

The foregoing information has been obtained from sources considered to be reliable, but we do not guarantee that it is accurate or complete, it is not a statement of all available data necessary for making an investment decision, and it does not constitute a recommendation. Any opinions are those of Nate Collins and not necessarily those of Raymond James. You should discuss any tax or legal matters with the appropriate professional.