Who Am I Without My Business?
Navigating the Identity Crisis When Selling Your Company
More than a business owner—who am I beyond the company I built? Navigating life after the sale starts with redefining your identity and future goals.
Exiting a family business is a milestone many owners dream about—but it’s also one of the most challenging transitions you’ll face. Personal readiness goes far beyond finances; it’s about understanding who you are outside the business and what you want your life to look like when you exit.
After years of building and running your business, it’s natural to feel deeply connected to your work. For many, their business isn’t just a career—it’s part of their identity. But separating yourself from that identity is crucial to moving forward. To start, ask yourself: Who am I beyond the business? What are my goals for this next chapter?
One of the biggest hurdles business owners face is uncertainty about life post-exit. Without a clear vision for what’s next, it’s easy to feel stuck. In fact, research conducted by the Exit Planning Institute in 2023 says that 95% of owners are unhappy post exit. They attribute this to two things: 1) receiving less for their company than expected, and 2) their perceived lack of status when they no longer hold the title of owner, combined with no plan for a fulfilling life beyond the business.
Personal readiness also ties directly to financial goals. Defining what you want helps you establish your “Wealth Goal”—the financial target needed to fund your future. Once you understand this, you can identify your “Wealth Gap,” the difference between your current financial position and what you’ll need for the life you envision.
Working with an exit planning advisor can help align your personal and financial goals, providing clarity and direction as you transition. By addressing both the emotional and financial aspects of readiness, you’ll be better prepared to close this chapter confidently and begin the next one with purpose.
Exiting your family business is more than a transaction—it’s a transformation. Start planning now to ensure your next chapter is as rewarding as the last.
