No more Zooms, 1-on-1 meetings, and monthly catchup calls. The feeling of being “the founder” is gone, and the identity you created in your industry has worn off.
You’ve sold your business and are left with your thoughts and a boatload of money.
No one will feel sorry for you, so don’t even try asking them “What should I spend time on?” or “I don’t feel fulfilled; what do I do?”.
You could ask a high-net-worth community as a start.
Or you could listen to this episode of the After The Exit Pod!
We dive into the different stages of finding fulfillment again.
Stage 1 - Wtf does this money mean?
You just made a LOT of money. Even if it’s just $1m, consider how many years of saving a normal job post-tax income you’d need to get $1m.
Whatever the windfall amount, congratulations!
What does this mean for you? What’s the life you’re supposed to live? What should you buy? Should I be an investor now?
Lots of questions will crop up.
Pause, breathe.
Just know you can let your mind settle for a year, and you’ll be fine. No rush.
Step 2 - Research
I started to talk to anyone I could who sold a business. I’d interview them like a 60-minute episode.
What I found, though, is everyone invests differently. Everyone spends differently. And because of this, it’s difficult to use others as a model. You can take bits and pieces from each story. But for the most part, look for foundations.
Are you in wealth preservation or growth mode? Do you need more money?
Those are foundations to build on. Less so, exact portfolio allocations or relocation plans for lower income taxes.
Stage 3 - Discovery
What drives you now? I’d say I’m in this stage.
This has been more difficult as, by default, you may knee-jerk back into wanting to run a big business.
I’d challenge you, though. Were those times really that great?
When a key employee puts in their 2 weeks. An important customer churns. The application is down at 2am. Skipping out on friend and family get-togethers to be at a trade show.
It’s easy to romanticize running a business. We’re entrepreneurs, we’re overly optimistic! Try looking at the full picture, though.
What’s working for me? Create a routine. Book your calendar with time slots for activities:
* Gym
* WSJ reading
* Surfing
* Lunch
* Project
* Kids
Whatever it is, create structure. Then use those slots to figure out which gives you positive energy and which is a drag. Adjust accordingly.
Step 4 - Settling with new purpose
My guest on this episode has reached this stage.
He felt 70% fulfilled again, creating a new routine around mentoring companies, more family time, and investing.
It appears most have created a better balance here. Gone are the 90% of your hours spent on the business, and hello to an equal pie of time spent. Probably a healthier way to live.
I’ll report back when I get there!
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