Exit Stage Left

Phil Hendry13/10/2020

(Exit Stage Left – 3 Challenges When Exiting Your Business or Retiring)

Congrats – it’s that time.
One you have no doubt been imagining for some time.
You’re either set to sell your business, or retire after a long career – well done you!

Now, assuming you have planned for this, we hope that money is not an issue holding you back. You’ve got the time to relax and start ticking off that bucket list.

But what do you have planned? What’s on your list?
Have you spent more time focusing on your business or career that you haven’t thought about what to do now?

This is a pretty common scenario, but one that can be avoided. This often proves to be the biggest challenge for people as they start to slow down and then stop. There is this void, and no matter how much golf or travelling you do, you can’t seem to fill it!

exit stage left

Looking to make an exit?

So there are three ways to avoid this, with these being below:

Exit Stage #1

Purpose

Growing a business.
Enjoying a long and successful career.
Setting yourself work goals or targets
These are all every day features of life.

Often you start to thrive off the challenge of reaching for the next revenue target or role, which is an underlying key to giving us all purpose.
The ultimate goal is often selling your business or not having to work another day in your life…..so what comes next?

Take this habit from your work life into your personal life, continue to set goals.
Once you reach them, set more.
These can be things such as seeing your grandchildren once a week, going to concerts or sports events, studying or whatever you enjoy the most.
Set a goal or target. Write it down and continue to challenge yourself.

This may seem arduous, but for goal focused individuals, we have seen it work really well. Setting short to medium term goals which you can achieve are a fundamental part of what makes us happy as humans. We’re sure we all expect to be happy when we don’t have to worry about money anymore.

Another key point is that not everyone is ready to walk away, and if you love what you do (or did), why stop? It may be more about balancing family and work better than you have been able to before. So keep an eye out for business consultancy roles. Offer to help small businesses who would value your experience. Or even just simply transition more slowly while you develop a feel for life after your career.

Exit Stage Left # 2

Tribe

An evolutionary need for us humans is to have a tribe, to find a group of people with common interests and a purpose. Within your team in your business or work, you automatically have this, but in a fairly short space of time, they’re gone.
Yes, you’ll no doubt promise to keep in touch with some of your former colleagues. But even then without the topic of work being at the core of your relationship, it’s not quite the same. For some, there is a need to find a new tribe.

As you begin to understand how you can spend your time most meaningfully, you will naturally be able to find your new tribe.
It could be that you work with several other small business owners, offering your advice. It may even be sitting on the committee of a charity, or even coaching a sports team. If you make the effort to find what gives you purpose, you will find your tribe.

Exit Stage Left #3

Structure

Up early, coffee on the go, firing off emails either from your laptop or phone.
Your day was once this and now it’s gone.
Your business or career gave you a structure to your days, weeks and months.
Now you seem to have all the time in the world, and no structure. So you feel lost.
You need to create a structure to give yourself the energy and focus to be as active, both physically and mentally, as possible. Because when people reflect, this tends to be what they take the most enjoyment out of.

Try to organise your week and get into a semi-routine. Exercise, reading, seeing family and time for hobbies – but nothing too rigid
A sense of structure can be comforting and makes you utilise your time more effectively.

Remember that life is not a rehearsal and we only get one turn.
So start thinking now and save yourself 2-3 years of time deciding what to do!