For years, I have worked with a business coach to help me balance business and personal goals. As the owner of a company, I have rarely had an internal sounding board or confidante, someone who could challenge me on whether I was right or wrong. Working with a business coach has changed all of that. He helps me explore needs vs. wants, the structure and flexibility of my personal and professional lives, work and family issues, lies vs. truth-telling, etc. In short, my coach has helped me run my company rather than it running me.

During one of my meetings with a business coach we discussed the emotional struggle owners experience when exiting their businesses. We talked about all the steps necessary to sell a business and where a business coach would be helpful in the process.

Surprisingly, the one area that commanded most of our attention was “What do business owners want to do after they sell their businesses?” While most business owners say they want to retire, what most actually want is to move onto something else.

What Comes Next?

Thinking of your own retirement may conjure images of sitting on the porch every day, reading a book, and sipping a glass of lemonade (or something stronger). This might seem desirable, but it’s not likely to last very long—not because you need to work necessarily or lack financial security, but because of that entrepreneurial spirit deep inside . . . because of who you are. 

You go to the gym and lose weight. You try to sleep in (but it never works). You read more, work on projects around the house, and take some of the trips you always wanted to go on. It’s great, but that was just the first month or two . . . now you’re bored.

Let’s face it, entrepreneurs are self-motivated, overachieving, independent thinkers who need both mental and physical stimulation. The concept of retirement is nice and definitely works for some, but most small business owners eventually get bored and become involved in “something” after they’ve taken 6 to 12 months to catch their breaths and reflect on their successes and failures. So rather than thinking of “retirement” as what comes next after you sell your business, the more accurate term might be that you are making a “transition” from one phase of your life to another.

I can tell you personally that just as many professional athletes go into coaching or management after they retire, so too will you want to give back to your profession in some way. For athletes, the love of their sport made them successful in the first place, and it’s what keeps pulling on their heartstrings. It’s the same for entrepreneurs.

Working with a Coach

In the past 10 years, professional coaching (business, life, and other specialties) has really moved into the mainstream. There are literally thousands of professional coaches out there who can help. Coaches are not counselors or therapists. They have been trained to help you figure out what’s next for you, personally and/or professionally. Coaches help you set personal goals and objectives, and they keep you on track and accountable so you get the results you want.

To find a coach, visit Google and search for professional coaches, business coaches, or executive coaches. Consider visiting the International Coaching Federation (ICF) Web site at www.coachfederation.org. The ICF credentials thousands of coaches after hundreds hours of rigorous training and experience. You might also ask someone you know who has worked with a coach. Word-of-mouth referrals are often still the best way to connect.