What’s next for entrepreneurs after selling their business

Every entrepreneur has a dream for their business. There are those who’ve built a business around their personal passions and lifestyles and have no intention of selling while others aim to grow and scale their business so they can exit and retire or start a new venture.

Much like letting go of a child, exiting a business can be emotional and for many entrepreneurs the journey is lonely. Having a support network of people who can act as your sounding board, who have bought and sold businesses before and know what you are going through can make the transition far less overwhelming.

Here is some tips to entrepreneurs who are considering selling, are currently transitioning or have exited and may be wondering what’s next.

- Selling a business involves careful planning and execution. Key aspects include determining the business's value, preparing it for sale, finding a buyer, and negotiating the sale. Having a capital advisor and trusted professional support during the merger or acquisition is crucial.

When I first decided I wanted to scale my business I joined the EO Accelerator programme called “Scale Up”. The scaling process follows a structured approach focusing on four quadrants: cash, execution, strategy and people. There's a little bit of wizardry that comes together when you follow this methodology. Not only was I was able to grow my business, I transformed it into a sellable asset.

- Don’t underestimate how emotional and stressful the experience can be and often your family and friends won’t really understand what you’re going through. While there are many highs there are also plenty of lows with the earnout period being especially challenging for many entrepreneurs who are used to being in the driver’s seat. This is when being surrounded by likeminded entrepreneurs with non-competing businesses, who have been in your situation before, will prove incredibly valuable.

The seven men and women in my EO forum became my trusted circle and I relied on them a lot. EO typically caters to entrepreneurs who own and operate significant-sized businesses – ie in excess of R18 million turnover annually - fostering a collaborative environment to inspire leadership, innovation, and success across a wide range of industries. Everyone is rooting for you which helps so much should you begin to doubt your decisions.

- Life after exit is all about finding purpose again. Often our identities are so wrapped up in our business that it’s difficult to let go. It’s worth taking the time to discover what makes you happy and gives you meaning. Also recognising and celebrating your achievements is such a vital part of the post-exit transition. Not only does it reinforce your belief in your abilities it reminds you of what you can accomplish.

Building and successfully exiting a business is a significant milestone that reflects dedication, resilience, and vision. Taking the time to acknowledge your achievements can help to boost your confidence and provide closure. I took a brief break post-exit to reflect before pursuing my new role at PROI. I had a few ideas for other businesses, and I keep on coming up with new business ideas, but for now I love the marketing and  communications industry and want to remain in it.

- Leverage your experience. The skills and knowledge one gains over the years are transferrable, making you adaptable to new opportunities or career changes. Many entrepreneurs find value in mentoring, consulting, or advising other startups and smallbusinesses, which can be fulfilling and keep you engaged in the business ecosystem. I am especially passionate about helping other women entrepreneurs grow their businesses because I understand the challenges they have to overcome to make it a success. And fortunately my involvement with EO allows me to meet entrepreneurs from all over the world thus providing diverse perspectives, friendship, shared learning and mutual support.

Exiting your business isn';t an ending, it's a transformation. Your story isn't over, it's simply ready for its next exciting chapter.

Nicola Nel is the Global Managing Director of PROI Worldwide and a member of the Cape Town Chapter of the Entrepreneurs’ Organisation (EO). She built her communications business over 20 years ago and has now transitioned into a new venture. The Entrepreneurs' Organization (EO) is a global network of entrepreneurs dedicated to helping members grow both personally and professionally through peer-to-peer learning, leadership development, and shared experiences. Go  to https://eonetwork.org/ for more information.

*** The views expressed here do not necessarily represent those of Independent Media or IOL.

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