Successfully Finding Your Path to Life-After-Business
As investment bankers working with clients to develop their business exit strategy we deal with a whole constellation of their specialized advisors. These include estate planning attorneys, tax accountants, investment advisors, insurance advisors, business attorneys and more. Together this group of trusted individuals will help our client to articulate a plan for achieving their financial goals through an orderly ownership transition. We will help the client minimize the impact of taxes, market the company to internal or third party buyers and ensure the continuity of value during the time it takes to complete.
We have a process for doing this and it works very well. However, one ingredient that sometimes keeps business owners from moving forward with these best laid plans is a compelling personal vision for life in the second half of adulthood.
Bob Buford, author of Half Time, writes about shifting your game plan “from success to significance”. By rediscovering a new purpose, joy and balance, entrepreneurs and business executives can use their talents and resources to make a new difference in the world.
Before pulling the trigger to sell their company, business owners need to have their own picture of a compelling future. They need to articulate a vision for what they are going to do with their life after selling the business they have spent decades nurturing, growing and using to form their identity, reputation and financial success. The decision to sell is every bit an emotional one as a financial one.
With a carefully thought out plan, Buford asserts, comes new excitement, a new passion forms and a clear purpose and focus draws them to make the change. In Half Time, Buford helps people define a compelling, joyful and sustainable Plan B for life-after-business. It’s about finding new purpose for the second half of life.
Whether you want to buy or start another business, pursue philanthropy, run a foundation, teach, coach or commit to something more than a lower golf handicap, check out Bob Buford’s book Half Time. You’ll enjoy the conversation starters to help you formulate your own compelling and rewarding second half to your life.
Posted by Peter Moore.