Just because you sell your company doesn’t mean you’re done being productive.

By Greg Alexander

“What now?” It’s the question almost all founders face after selling the companies they built. While it’s certainly an understandable — and rather existential — reflection, it reveals how little founders consider the post-exit window.

I certainly didn’t know. When I sold my boutique agency for millions, I was eager to travel and enjoy the good life. However, I soon discovered that my founder exit plan had a gaping hole. While I had focused on my short-term objectives, such as seeing exotic places and enjoying my hobbies, I hadn’t laid out what I’d be doing in the long haul. It wasn’t too far into my post-exit founder life that I realized I wanted to do something different yet productive. That realization led to my current mastermind community, where I serve as a guide and mentor.

The point is that despite finding success in growing and selling my business, I was surprised by what happened after the sale. My experience is hardly unique. After exiting, only 33% of founders surveyed by Coutts in 2018 felt more satisfied post-exit than they did beforehand. In other words, they missed the stimulation of dealing with the wins, the losses, and everything else that comes with owning a company.

There’s a workaround for this issue, of course. If you’re going to exit your business soon or in the future — hint: you will, whether you prepare or not — you don’t want to wait until you wonder, “What’s next?” You want to ask, “What should I do after selling my firm?” well before the buyer cuts the check. By answering that question pre-exit, you’ll pave the way for more post-exit fulfillment.

To help you in your planning, try the following strategies. They’re engineered to enable you to avoid the sudden weight of what it means to be free from your founder status.

1. Go into self-reflection mode.

After my exit, I took a two-year sabbatical. During that time, I reflected and recharged. Although that period allowed me to identify a gap in the market and envision my next venture, I don’t necessarily suggest every owner do the same thing. Self-reflecting before can be just as practical as after.

Before you step aside, take time to understand who you are and what you truly want to do next. This could mean taking a break or pursuing a different path. Investing in this kind of contemplation will pay off. You’ll feel less overwhelmed when you’re not going into the office in the same capacity daily, and you’ll have a stronger sense of purpose and direction.

2. Network like the pro you are.

Chances are strong that you’ve built your business by becoming a networking guru. Don’t stop now. Engage with your peers, mentors, and others in the industry. Discuss your exit strategy with the ones you trust most or people who have exited themselves. They’ll undoubtedly supply insights or opportunities that weren’t previously on your radar.

As part of your networking efforts, make yourself approachable as a resource. One thing I did post-exit (but you could do pre-exit too) was to engage more actively with the business community in a mentorship role. The satisfaction I derived from seeing other business owners succeed based on my advice was unparalleled.

3. Know your options.

A founder can take on many distinct roles and responsibilities post-exit. Walking away is one of them, but that’s not always practical or pragmatic. After an exit, plenty of founders will join their company’s board to serve in advisory capacities. That way, they can aid the new management team or help the acquirer understand the business’s nuances.

Founders can stick around through and beyond the transition period as well. Depending on the exit terms, they could stay with the company for a predefined time frame to keep the transition running smoothly. Some founders even take on part- or full-time positions to make the most of their skill sets and to share their wisdom. Later, they may leverage that wisdom by sharing their journeys through public speaking engagements or writing a book.

4. Upgrade your knowledge.

Three key words of advice: Invest in learning. Before, during, and after your company exit, keep upskilling. Learn a new domain. Master a technological skill. Join a leadership course. No matter what, continue to plug away to become smarter, wiser, and more knowledgeable.

You never know when a particular skill will come in handy. Your willingness to earn a certificate or attend classes and webinars could open new doors. For instance, let’s say you take a finance workshop to have deeper, more engaging conversations with your financial advisor about your pre- and post-exit planning. Your newfound understanding of finances could enable you to make more informed decisions about investments, philanthropy, or potential new ventures. Remember: Lots of founders become angel investors or venture capitalists. You’ll need to know how to maximize that opportunity without spending all your money.

Every founder’s experience is unique, and every founder’s exit is equally unique. Be sure that you consider your circumstances, preferences, and goals before reaching the post-exit stage. That way, you can enjoy your much-deserved hiatus.