As business owners, we understand the analogy that our company is our “baby”. So much time and care goes into the creation and growth of a company that the “time commitment” feels very much like raising a child. For some business owners, they create companies that years later are acquired by another individual or company which often leads to a very large liquidity event.
While the years leading up to that liquidity event are all but sudden, the business owner does experience sudden wealth because of the shift from his or her wealth tied up in their business to possibly millions of dollars now sitting in their personal bank account.
What is life like for the business owner who has sold his company? Along with the realization that the business owner now feels the excitement of very large numbers in his checking account, there are questions that are revealed. What do I do now? How will this affect my family? My friends? For some, with the title of business owner now gone, they may experience stress due to a loss of identity.
The average person might welcome these questions in exchange for financial security, but often the emotional challenges in these types of sudden wealth cases may loom larger than the financial challenges. With that in mind, here are three key non-financial tips for a healthy “post sale” lifestyle
- Maintain your network of colleagues/associations/friends
- Take time to “smell the roses” before tackling your next big project
- Invest in a few sessions with a family therapist to gain clarity on your new life