In this episode: In the Season 1 finale, Jon Peyton asks what comes after the sale. Change is hard, especially when your identity is tied to your business. Jon explains how to prepare for that change: deepening relationships, focusing on your health, rediscovering who you are and finding ways to give back.
Key insights
- Most people resist change, even when they know they need it.
- Selling a business can feel like losing part of yourself, because your identity is tied to it.
- Building hobbies and relationships before you sell makes the transition feel natural rather than foreign.
- After a sale, many owners need to repair or deepen relationships that took a back seat while they built.
- You can keep creating value after you sell, through mentoring, teaching, philanthropy or a new project.
Episode timeline
- 0:37 Why change is so hard
- 2:06 Every exit requires change
- 3:11 Finding a new passion before you need it
- 4:06 Exploring who you are and what you want
- 4:21 Repairing and deepening relationships
- 6:55 Rediscovering who you’ll become
- 8:20 Giving back
- 9:46 A legacy beyond the business
- 11:08 You’re still a value creator
The episode in brief
Change is hard. Most of us avoid change unless something forces it. You can be told all day to diet and exercise, and still not do it. Selling a business is no different. Whether you’re moving to the next opportunity, handing the company to someone who can take it further, or sailing off into the sunset, every path requires letting go of some things and moving on to new ones.
Your identity. Entrepreneurs often see themselves and their business as one and the same, so selling can feel like losing a limb. That’s why earlier episodes stressed balance: building hobbies and spending time with people while you’re still running the company. If you’ve done that, moving on won’t feel foreign. You’ll feel ready, and that you’ve left your mark.
Relationships and health. While you built the business, employees, vendors and clients got much of your time. Friends and family often got less. After a sale, take time to repair and deepen those relationships, and to focus on your health so you can be your best for the people around you. Once you are, you can decide where to invest your time and resources next. That might be a new business or real estate, or it might simply be woodworking in your shop.
Who you’ll become. If your identity was wrapped up in the business, you may need to rediscover who you are now, who you are around other people, and who you want to become. That includes looking honestly at the people in your life: who has been a positive influence, who you may have neglected, and who supported you along the way.
Giving back. One of the biggest benefits of selling is the chance to give back with your time, resources or both. You might volunteer, teach as an adjunct professor, or start a scholarship for aspiring entrepreneurs. Your legacy doesn’t have to end with the business. A foundation or a program that keeps giving can carry it well beyond you.
Still a value creator. You spent years creating value in your business. Nothing stops you from creating value afterward, in other people’s lives, in your community, or for causes you care about. Share what you know and how you did it, so others can become value creators too.
Key action items
- Picture life after the sale. Write down how you’d spend a typical week if the business were gone.
- Invest in relationships now. Identify one relationship that took a back seat and schedule time for it.
- Make your health a priority. Set one health goal you’ll keep through the transition.
- Plan how you’ll give back. List causes, communities or people you’d like to support, and how.
- Share what you know. Look for one way to mentor or teach another entrepreneur this year.
Listen next: Episode 39: The Entrepreneur’s Team Leaders
This episode is educational and isn’t legal, tax or financial advice. Speak with your own attorney and advisers about your situation.