As a financial advisor to business owners, I spend a lot of time talking about life after the sale of the business. There are 3 main components that identify life after a sale - activity, identity, and purpose. Today, let’s talk about purpose.
The sale of your business has a strong focus on money. As it should! But money is not the only reason for this life event. What your life looks like after the sale...THAT is what really matters! To quote Mr. Bernstein in the film "Citizen Kane," “Well, it's no trick to make a lot of money - if all you want to do is make a lot of money.” When I ask business founders why they started their business, the most common answer describes providing for their families and having control over their future. A smaller percentage say, “I wanted to make a lot of money.”
For decades, you have been working long hours pushing the envelope even after reaching your financial goals. While those who don't own a business might chalk that up to greed, that's not really the case. Consider Maslow’s hierarchy of needs, which shows that our needs move away from those anchored mostly in the material - physiological and safety - once our basic needs are at least established. Self-esteem, belonging, and self-actualization may all have a financial component, but money is not the driver anymore - purpose is.
Every process in the business was your creation. You designed the first logo, you picked the furniture/equipment, you drove sales. And as people joined your organization, they breathed and succeeded from what you built. This thing you have created is your purpose. It became their purpose as well. Then, you sell your business. Now what? What is your purpose going forward?
Sure, improving your golf game, catching that big fish, or hiking the Rockies are all fun. But that only affects you. It does not feel fulfilling over time. It never matches the feeling of creating something that impacts dozens, or hundreds, of human beings. This is why we focus on purpose as an important part of the sale.
In the vast majority of cases, purpose involves impacting other people, not just doing what is best for you and your family. Think about it for a minute. With your business, you enjoyed a career learning how to teach, lead, empower, and help others succeed. Keeping those skills and experiences fresh and robust is an important part of the road to satisfaction - to purpose.
Purpose in your life after the sale may involve church or community service organizations. Maybe you sit on a board of directors or mentor other business owners. Perhaps your path is writing or speaking to share your knowledge and best practices. Purpose does not require a 50-hour week, but it does require some level of commitment and the ability to affect the lives of others.
Here at Prosperity Advisors, we are at the intersection of business and family. We understand purpose. Give us a call!