There’s so much more life to be lived after retirement
Why are so many business owners reluctant to sell their businesses? It’s not because they don’t want to retire. It’s because they don’t know what to do after they retire. So, have compiled this list of 10 ways to create a magical life after selling your business.
When you were younger, all you wanted to do was sell your business and retire to the easy life. But when that time arrives (as it has for many Baby Boomers) retirement doesn’t seem like such a great idea.
Your business is a huge part of your identity. If it goes away, you don’t know how to fill the void.
The solution is simple, yet overlooked by many business owners: PLAN. Don’t just plan for financial stability – you’ve probably got that covered. No, plan for your life. Plan to determine what you’ll do, day in and day out. Plan for what will fill the void.
The Successful Transition Planning Institute (SLTPI), which partners with the LaManna Consulting Group to help owners build a vision for their personal retirement, has identified 10 areas you could pursue after selling your business.
1. Volunteer. Do Philanthropic Work.
If you want your retirement days to be happy and healthy, make volunteering part of your plans.
In a study published by the Corporation for National and Community Service, 84 percent of people who volunteered for the Senior Corps reported improved or stable health and decreased feelings of isolation.
Or, set up a philanthropic fund and manage it as a way to give back to the community.
2. Improve Your Physical Health
All those years of late nights and fast-food lunches can have a detrimental impact on your health. So why not make getting in shape a full-time gig?
Pursue recreational hobbies such as running, biking, or kayaking. Or learn how to cook healthy. Getting your body in great shape will boost your energy and get you excited about pursuing other items on this list.
3. Seek Intellectual Stimulation
Owning a business requires a tremendous amount of ongoing education and problem solving. But why stop learning when you retire? Why not pursue your love of knowledge and seek intellectual stimulation by taking additional classes and workshops.
This doesn’t have to be just higher education. Pursue music classes, attend lectures, or even review movies. Stick to your field as well: Become an avid reader of business trend books. Heck, why not write one yourself?
4. Get Creative
Boost your creativity with lessons in art, photography, music, writing, or dance. Consider combining creative pursuits with recreation or travel. For example, have you ever imagined biking across Europe? Now is the time.
5. Do Things with Your Spouse
The business world is littered with divorces from executives more in love with their business than their spouse. Retirement is a great opportunity to rekindle those passions of old by sharing favorite activities or engaging in new activities together.
Ready to take up salsa dancing? Or how about volunteering together? Find something you can do together, and then do it a lot.
6. Do Things with Your Family
Many retirees attend a grandchild’s athletic event or concert. That’s great stuff, but can you fit yourself into their lives a little bit more? How about volunteering to help with their athletic club?
Find ways to spend more time together. Perhaps you organize a bi-monthly golf game or bowling event. Or maybe spring for a bi-weekly dinner out.
7. Update or Change Your Residence
What should you do with your house or condo? Do you want to downsize? Right-size? Move to a warmer climate? Or reduce home-related expenses? Often, these tough questions prove too daunting, and business owners get stuck.
The key to moving forward to analyze your situation and consider all your options. When aligned with your plans for your life after retirement, the answer will come to you much easier.
8. Make New Social Connections
Social connections help us physically and mentally in many ways. These relationships sometimes fall by the wayside when business executives are engulfed by daily work.
Take time to build existing social connections and add new ones. As you spend more time with friends and family, you will feel less stress and loneliness. Join a club, or create one yourself. And this includes more than just happy hour, folks. Find ways to get social in a positive way.
9. Renew Your Spirituality.
Are you a spiritual person? Are there things you want to do to enhance your faith? I have made several trips to the Vatican and felt an enormous uplift as a result. At this point in your life, this may be an area you focus on. It can yield enormous benefits.
If formal religion is not for you, that’s fine. Spirituality is about connecting yourself to the universe. If you miss this, you’ll be missing a huge part of the human experience.
10. Pursue Income-Producing Work
What could be more invigorating and energizing than starting a new career? Being an entrepreneur is in your blood, so don’t fight it.
STPI told me of a business owner who sold his company and opened a hot dog stand. It was something he had wanted to do his whole life. It became an incredible outlet for him and kept him fulfilled and engaged.
This list of 10 ideas only scratches the surface of what you could potentially do. STPI recommends identifying as many options as you can. Then, if one pursuit doesn’t work out, you will have plenty of other choices.
Your current career might be great. But there’s no reason why you can’t make your new life even better. Get started now and you will make the inevitable transition of your business smoother and more enjoyable.
Want to chat about ideas for your future? Call me and let’s talk. (561) 543-2323