Selling up is hard to do. What comes next? With Business Strategist, Dawn Bloomer

On the Leadership and Life Chat Podcast, hosts Mark Curtis and Becky Ames dive into a crucial question for business owners: What comes after selling your business? In the episode, they chat with Business Strategist Dawn Bloomer to explore the emotional and practical challenges of transitioning from business ownership to the next phase of life.

Transitioning out of business ownership is a significant decision—both emotionally and practically. Dawn Bloomer, a business consultant with a wealth of experience, shares insights on how to prepare not just your business but also yourself for what’s next after selling.

Here are the key takeaways from Dawn’s discussion:

1. Run Toward Something, Not Away From It

• Many business owners consider selling because they’re burned out or frustrated.
• To ensure long-term satisfaction, focus on what you’re moving toward rather than just escaping your current situation.
• Having a clear vision for your next chapter helps avoid regret after the sale.

2. Prepare Yourself, Not Just Your Business

• The stats show many business owners regret selling their business within a year.
• Preparing your business for sale is common, but preparing yourself emotionally and mentally is often overlooked.
• Ask yourself, “What’s my purpose after I exit?”

3. Your Business Should Run Without You

• A business that relies entirely on its owner is not a sellable asset.
• Work toward creating a self-sustaining business by removing yourself from day-to-day operations.
• This not only adds value to your business but also gives you the freedom to step back and enjoy life.

4. Understand Your Finances

• Engage financial planners to understand your financial reality post-sale.
• Knowing your numbers can provide clarity on whether you need to sell or if other options (like reducing your involvement) are feasible.

5. Don’t Underestimate the Emotional Impact

• For many, their identity is tied to their business. Leavngi it can feel like a loss.
• Prepare for the psychological shift by working with a coach or mentor who can help you process the change.

6. Find Your Why

• What drives you? Is it financial security, freedom, or something else entirely?
• Reflecting on your “why” ensures your post-sale life aligns with your values and goals.

7. Seek Help and Build a Team

• Surround yourself with experts like accountants, financial planners, and coaches to guide you through the transition.
• Let go of the idea that asking for help is a weakness—it’s a smart move.

8. Enjoy the Process

• It’s easy to get caught up in the rush of reaching the next milestone. Remember to savor the journey, not just the destination.

Selling your business is a monumental decision. By focusing on your personal goals, financial readiness, and emotional well-being, you can set yourself up for success in the next chapter of your life.