Sam worked his entire life to build his manufacturing company. His long hours away from his wife and kids paved the way for the success of his company and rewarded him financially as well. And when he finally reached the time to sell his company, Sam’s world changed forever.

Sam, Linda, his wife, and I had been meeting for several months leading up to the final meeting with the buyers group. We had prepared every last detail to insure that the business would transition smoothly and the employees would not miss a single day. Accounts were opened and closed, the inventory matched up, the company records were examined and delivered. In the final days, Sam had been at the office from 5 am until late in the evening. Linda told me it was just like he was starting all over again. She never saw him when they first opened and it brought back some painful memories of the toll and sacrifices made by the families of entrepreneurs and small business owners everywhere. We all were excited for the settlement day at the office of Sam’s attorney. And in a matter of 30 minutes, it was done. Sam and Linda had their dream of retirement fulfilled.

Our discussions concerning the ultimate sale of the company also included talks about post sale life for Sam and Linda. They were going to take some time to see friends on the west coast, and then stop off at the Grand Canyon. Sam had been promising to take Linda for over 15 years, and he was so happy to be able to make good on that promise. I told Sam that after things settled down, the new normal, he might have a little difficulty in finding himself. For 28 years, he was Sam M, President of STM. He poked fun at me for insinuating that he wouldn’t have enough to keep him occupied. After all, he had been at the office for all those years and couldn’t wait to have free time. I know from personal experience what happens after you sell your company. I was hopeful that Sam would not feel the same way I did after selling my company.

Although I continued to help Sam and Linda with their personal financial plans, we didin’t talk much about the business any more. That was until Linda called me concerned about the way Sam was acting, particularly when they were out socially. Sam was always outgoing and very social at gatherings. He would stick his hand out and state proudly who he was and his company’s name. Now, he was just Sam. After that, he really didn’t know what to tell people he did, or who he was. He tried to joke about being a future PGA player, soon to be world yachtsman, or ex-CEO looking for a new office, but in reality, Sam was struggling with who he was once his company transferred. He now was facing the reality that for all those years, he WAS the company through and through. Sam became depressed, and began to question why he sold his business in the first place.

It took several months before Sam came to grips with his post-sale life. We spent several lunches talking about what he could do to put his experience and skills to good use. Linda realized that Sam needed to have more purpose in his life and while she could get him to travel and spend time with her whenever she wanted, he was happier when he was in business mode. I helped Sam get into some public speaking at small business luncheons and seminars. He wasn’t making money, but he felt he was making a difference. He regained his identity by stating that he was a businessman who had realized his dream of selling one day, and was now giving back by donating his time and telling his stories. His pride and confidence helped many scared entrepreneurs get off the ground, and helped Sam regain his identity.

Thinking about growing your business to sell one day. It is never to early to plan the flight path of your company. It takes careful though and planning, and most imprtantly, time.

If you have thoughts or feedback, I would love to hear from you. You can reach me at ron@ronhamons.com.