Walking away from a business you’ve poured your heart and soul into is a difficult decision, but if you’ve taken the time to develop a rewarding exit strategy, a new set of opportunities undoubtedly await you.At the beginning, these opportunities may involve pursuing a post-exit “bucket list” of sorts, all of which speak to both your personal interests and the goals you’d only dreamed about when you were working long hours inside your business. From traveling and purchasing a new home to spending more time with loved ones, there are plenty of meaningful options available to you as a small business owner after leaving your company in the hands of a capable successor. At times, however, little planning is done for life after business, as Joan Crain of BNY Mellon Wealth Management pointed out in an episode of our radio show titled From Entrepreneur to Investor, saying:
Building a small business requires a lot of focus, a lot of dedication, and typically there’s not a lot of attention paid to, “What am I going to do? What’s my life going to be like when I no longer run this business?”Venture capitalism is characteristically part of every entrepreneur’s DNA makeup, which makes the evolution from business owner to business investor a seemingly natural transition. But as we discussed with Ms. Crain on our radio show, both exiting the business and stepping into the role of investor should absolutely be executed in a measured, sensible manner. In spite of that, the differences between the role of the entrepreneur and that of an investor is complicated at the outset for many former business owners, as Joan Crain noted in her white paper on how to successfully navigate the transition between the two. Access a copy of Ms. Crain's white paper here >>> From Entrepreneur to Investor: Successfully Navigating the Transition
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