As entrepreneurs exit their businesses through sale or merger, they are often faced with a period of employment with the new owner of their company. This may sound simple, but many find such transitions to be very difficult. They are no longer in charge, and often become frustrated with the “new direction” that the new owners take with their businesses.
Other entrepreneurs decide to work for someone else either as a consultant or employee after they sell their businesses. As can be seen in a recent article in the Miami Herald, even this transition can be difficult. I did some consulting after we sold out business, and although the work was interesting, my inability to actually make decisions became very frustrating to me.
Exit planning and life planning are critically important considerations that many entrepreneurs ignore. They are just too busy managing their businesses to pay attention to managing their own lives. This article published by Wells Fargo offers some excellent advice about planning a successful exit.