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Selling Your Business and Building New Skills For Your New Future

As a business owner looking to sell a business, you may worry about what to do after it is sold. What is the value to you after the business is gone? Used to being the expert and in charge, you can be disoriented.

If you’re planning to stay engaged in the marketplace—whether through a new business venture, a board placement, or a philanthropic pursuit—how do you make sure you’re valuable? You certainly don’t want to become an outdated advisor stuck in the ‘good old days’. How can you build the new skills you need and keep the ones you have up to date? Consider the classic questions: where are you today, where do you want to be tomorrow, and how do you get there.

where am i today

Think about what you know so far. Chances are it has something to do with your company and industry. Is this something that will continue to appreciate over time? Do you want to keep those skills up to date, or are you ready for something new?

Should you look at it differently? For example, while you may be an expert in your business, you may also be an expert in leadership, problem analysis, decision making, trend spotting, and/or mentoring. Perhaps these are your passions and should continue to develop after the business is sold.

Where do you want to be tomorrow?

The second of our three questions is pending. Think about what you want your life to be like after selling the business. What skills will you need to be successful in this new life?

Think strategically. Build a plan for your resume to be different next year than it is now. What should you learn? Lily Thomlin once said, “I always wanted to be somebody. I should have been more specific.” And so should you, especially at this critical time in your life.

How can I get there?

Find out how you learn best and adapt your learning strategies to it. One recommendation is to first assess your learning style. Howard Gardner, for example, has categorized different learning styles, and online self-assessment quizzes can be easily found online.

Through them you can determine whether, for example, you are a visual or audio learner. Understand your strengths and go with it. If learning hasn’t been fun for you in the past, it may have been a learning style issue. Knowing how to work with yourself instead of against yourself can make all the difference.

Peers and mentors can be resources to help you plan your changes. We run forums for business owners selling their businesses. We work with clients to create strategic advisory boards and peer advisory boards to create open feedback and mentorship. Do you have such sincere mentorship and support?

Learn with a global perspective. Travel if possible. Be aware of what is happening in the world and how it affects you and the future you are creating. You can submit your favorite magazine in another language. You can sign up for e-newsletters from around the world. You can also set up a keyword-based email news feed for any topic from Google Alerts for free. Actively pursue information and ideas that are outside your country.

Because of our work with clients in building business in China, for example, we regularly collect and send research to our clients that they would find of interest. Is there a topic of intense interest that you should aggressively aim to learn?

Create your future

Selling a business is a once-in-a-lifetime experience to chart a new future. Make sure your exit plan is professional and personal and keeps you engaged in the world in a way that you find exciting and rewarding.

I invite you to use these ideas on your journey to sell a business.

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