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Have A Plan For After You Exit

• Apr 03, 2024

Having a plan for after you exit your business is just as important as having a plan for the exit itself. Here's why:

Financial Security: Exiting your business may result in a significant change to your financial situation. Having a plan for managing your finances post-exit ensures that you can maintain your desired standard of living, support your family, and achieve your long-term financial goals.

Purpose and Direction: After leaving your business, you may find yourself at a crossroads, unsure of what to do next. Having a plan gives you a sense of purpose and direction, helping you transition smoothly into the next phase of your life. Whether it's starting a new venture, pursuing a hobby, or dedicating more time to personal interests, a plan can guide your decisions and actions.

Health and Well-being: The transition out of a business can be emotionally and mentally challenging. Having a plan for after you exit can help mitigate stress and anxiety by providing structure and clarity. It allows you to focus on activities and pursuits that contribute to your overall health and well-being.

Legacy and Impact: Your exit from the business may impact not only your own life but also the lives of your employees, customers, and community. A post-exit plan enables you to consider how you want to be remembered and what kind of legacy you want to leave behind. Whether it's through philanthropy, mentorship, or other endeavours, a plan allows you to continue making a positive impact beyond your business.

Personal Growth and Development: Exiting your business presents an opportunity for personal growth and development. Whether it's pursuing further education, exploring new interests, or traveling the world, having a plan encourages you to step outside your comfort zone and embrace new experiences.

Family and Relationships: Your exit from the business may also have implications for your family and relationships. Having a plan allows you to communicate your intentions and involve your loved ones in the decision-making process. It ensures that everyone is on the same page and can support each other through the transition.

Adaptation to Change: Change is inevitable, and having a plan for after you exit your business helps you adapt to new circumstances and challenges. It encourages flexibility and resilience, empowering you to navigate unexpected events with confidence and grace.

Having a plan for after you exit your business is essential for maintaining financial security, finding purpose and direction, preserving your well-being, leaving a meaningful legacy, fostering personal growth, nurturing relationships, and adapting to change. It provides a roadmap for the next chapter of your life and enables you to make the most of your post-business journey.

About the Author

Mike Warmington is a Director of Platform 1 NZ Ltd - The New Zealand market leaders in business owner transition. Platform 1 specialises in using executive search techniques to find business partners with capability and capital for business owners wanting to partially or fully transition.  

 www.platform1.co.nz