As a business owner looking to sell a business, you may be concerned about what to strive to do after it is sold.  What is the worth of you when the business is gone?  Used to being an expert and the “big cheese”, you might be disoriented. 

If you are planning to stay engaged in the market – whether or not through a brand new business venture, a board placement or a philanthropic pursuit – how do you make sure you are valuable?  You certainly don’t want to become an retro advisor stuck in ‘the good old days’.  How are you going to build the new skills you wish, and keep those you have current?  Think about the classic questions:  where you are right now, where you would like to be tomorrow and how do you get there.

Where am I these days? 

Consider what you known for now.   Chances are it is about your company and industry.  Is that one thing that will be continued to be valued over time?  Do you want to maintain those skills up to date, or are you ready for something fresh? 

Do you need to look at it differently?  For example, while you may be an expert in your business, you will conjointly be  a professional in leadership, drawback analysis, decision creating, trend recognizing and or mentoring.  Maybe those are where your passions are and should continue to develop after the business is sold.

Where would you like to be tomorrow?

The second of our 3 queries is forward looking.  Take into account what you wish your life to be like once the business is sold.  What skills will you wish to achieve success during this new life? 

Think strategically.  Build a plan for your resume to be different next year than it is now.  What should you be learning?  Lily Thomlin once said:  “I always wanted to be somebody.  I should have been more specific.”  And so, too, should you, especially at this important juncture of your life. 

How do I get there?

Realize the manner that you just learn best, and adapt your learning ways to it.  One recommendation is to first assess your learning style.  Howard Gardner, for instance, has categorized different learning designs, and on-line self assessment quizzes can be simply found on the internet. 

Through them you will  be ready to confirm if, as an example, you are a visual learner or an audio one.  Understand your strengths and go with it.  If learning hasn’t been fun in the past for you, it could are a learning method issue.  Knowing how to figure out with yourself rather than against may just change everything.

Peers and mentors can be sources to assist you plan your changes.  We lead forums for business owners selling their organizations.  We work with purchasers to form strategic advisory boards and peer advisory boards to ascertain open feedback and mentoring.  Do you have such honest mentoring and support? 

Learn with a global perspective. Travel if in any respect possible.  Bear in mind of what is occurring in the world and how it impacts you and the future you are creating.  You will  be in a position to have your favorite magazine delivered in another language.  You will  be in a position to sign up for e-newsletters from around the world.  You will also set up a keyword-based email news feed on any topic from Google Alerts for free.  Actively pursue data and concepts that are outside of your country. 

Because of our work with customers on building business in China, for instance, we will frequently collect and send analysis to our clients that they would realize are of interest.   Is there a subject of intense interest you should aggressively target to be told about?

Make Your Own Future

Selling a business is a once in a lifetime experience to design a brand new future.   Be certain your exit plan is each skilled and private and keeps you engaged in the planet in  a way that you find exciting and rewarding.

I invite you to use these ideas during your journey to sell a business.

 

 

Marian Cook is a highly sought after business transition expert and speaker with over 25 years experience helping business owners design their best-life exit strategy, and improve their business performance and valuation.  She is the co-author of “Selling Your Business For More:  Maximizing Returns For You, Your Family and Your Business” (published by Macmillan).  If you are ready to sell a business and jump-start your business sale process, connect with Marian via her free tips, articles, checklists and blog at Business Transition Experts.

 

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