You've Exited Your Business. What's Next?

After working diligently for many years in order to build up your business, it can be difficult to transition to retirement. In many ways, owning a business is like raising a child. You put so many of your hopes and dreams into the business, and it becomes the focus of your best efforts and hardest work. 

Here at Altus, we understand that leaving your work isn’t easy, even if you genuinely want to retire and move on. The following tips can ease your transition from the busy life of a business owner to an enriching life of a retired business owner.

 

Seek Activities That Provide a Sense of Purpose

How many times in your working life did you say (or think) something like this? 

“When I’m retired I will finally be able to…”

What were those things? Did you want to go backpacking? Learn how to paint? Play the piano? Restore a vintage car? Whatever you decide to do with your newfound time, make sure your activities provide you with a sense of purpose. When exiting your business, it may take some time to learn how to NOT work, but channeling this energy into your own personal passion projects can be a rewarding experience. 

Remember, you’ve worked hard for the ‘spare’ time you now enjoy, so use it to do things that promote a sense of well-being and purpose.

 

Do What Energises You

After finalising the succession and transition of your business, you might feel worn out. Take some time to rest and then find a cause that energises you. You’re at the beginning of something new, and some people find that the work they do in retirement becomes their crowning achievement. 

Ask yourself three simple questions; 

1. How do you find activities that energise you?
2. What activities have you done in the past that never seem to get old?
3. What have you been interested in trying but just haven’t had time to pursue? 

Some people find that humanitarian work and volunteering give them a sense of purpose and energy that they’ve never had before. Others find great zeal for life by creating things: artwork, inventions, buildings, etc. Be open to new possibilities, and pursue activities that help you to feel satisfied and fulfilled.

 

Let Go of Accidental People, Things and Places

Along the road as a business owner, we often pick up “accidental” people, things and places that seemed necessary at the time but might not be a good fit for our lives today. For example, you may have found yourself living in a place because you needed to be close to the office, but the area doesn’t necessarily suit you or make you feel at home. Likewise, you may have friends who don’t fit into your post-working life, or possessions that require more upkeep than they’re worth.

Retirement is a great time to pare down and let go of things that don’t add meaning to your life. While this can be an emotional process, it can also be extremely liberating. Without the obligations of your business dictating many of your decisions, you’re free to make your life genuinely your own.

 

Learn Something New

While you were running your business, you spent tremendous amounts of mental energy on marketing, financial issues, hiring and staffing, regulatory requirements, legal issues and OHS compliance. Wrapping your brain around all of these issues takes focus, discipline and lots of hard work. 

When you retire, your mind is freed up from these tasks that used to require so much mental exertion. Instead of letting your brain “take a break,” fill the void by learning something new. Increasing your knowledge not only keeps life interesting and fresh, but it’s also great for your health. Learning new things keeps you feeling young. You could take some classes, learn a new topic online or read up on subjects you’ve never learned about before. 

Exiting your business can be trying in some ways, but it’s wonderful to have a new beginning and a fresh start. Create new habits, get in shape, explore your dreams or join a worthwhile cause. You’ve prepared for this day so enjoy it to the fullest. 

For more advice on ensuring a successful transition from your business, download our Succession Planning eGuide today.