Do you know the five dumb mistakes most entrepreneurs make after an exit?
Ignorance is not bliss when it comes to life after an exit.
You're smart, determined, passionate, and have the grit to get things done. Yes, these are the traits that built you a successful company.
Congratulations, my Rockstar.
Know this, and know this well.
What got you here has neither prepared you nor conditioned you for life after an exit.
Take it from me. I was that kid who started his business after graduation with no money, experience, or team. It was my passion to solve a painful problem combined with my grit that kept me in the game.
To the outside world, I was an "overnight" success when I had a 9-figure exit thirteen years later. Yes, I overcame the odds and transformed failure into success. Massive success.
But when it comes to life after an exit, most entrepreneurs make five dumb mistakes.
It happened to me. Chances are it will happen to you.
Unless, of course, you know what not to do.
After all, success in business and life is the art and science of knowing what to do and not do.
Knowledge is power.
How do you prepare yourself for a happy and fulfilled life after an exit?
Read this now. Right now. You'll thank me later.
Treat yourself as your own beloved child - Pema Chodron
To the outsiders, you're lucky or at the right place at the right time after an exit.
But you and your team are the wiser.
You beat the odds and achieved the success most people dream about.
The world is your oyster, my Rockstar.
But the odds are against you from people in the business of making you feel miserable with your life. The 'pain-relief' is having you believe you need to buy something you don't need.
Who would do such a thing, you ask?
Enter your favorite retailer.
After an exit, looking at your bank account and admiring all those zeroes fuels the call to go out and spend. Spend some more. And keep on spending.
Social media shows people enjoying the good life with luxury cars, jets, homes, and travel. And every one of those people appears to have a perfect life.
FOMO, a social media term for the 'Fear Of Missing Out,' has you anxious to hop in line and spend your way to the good life.
Words to the wise.
You're looking at one picture from hundreds, or thousands, that shows what the sender wants you to see.
Chance are you're looking at the 'perfect life' that is far from perfect.
Read and prosper from 9 Things Rich And Successful People Always Do (And So Should You).
After an exit, spoil yourself like royalty on one meaningful thing. Whatever you buy, make it over-the-top for you.
You deserve it.
As soon as you're done buying your one thing, stop the spending.
Do this today to avoid mindless spending tomorrow.
What do you do with the rest of your money?
The answer will shock you.
Keep reading to find out.
Often times the best investment is the one you never make - Jeffrey Feldberg
After an exit, knowing you can buy whatever you want is intoxicating and exhilarating.
Retailers play to your ego like there's no tomorrow as their gain is your loss.
Social programming has you believe that you need to buy that new yacht, jet, luxury home, or a new wardrobe. You deserve it.
But it's a fool's game to keep up with the Jones, otherwise known as your new rich friends.
Don't play the game. You'll lose every time.
What should you do with all those zeroes in your bank account?
The answer is jaw-droppingly simple.
Run, don't walk, to lock your money away for a year in a term deposit bond.
Is this investment strategy Boring?
You better believe it is.
But in the financial world, boring is code for safe. And your boring investment has you enjoy the eighth wonder of the world.
Why should lock your money away for a year after an exit?
You're buying time to figure things out, and at the same time, protecting you from you.
After my 9-figure exit, it took me a while to learn a valuable lesson.
Let my mistake be your triumph: Just because you can write the check doesn't mean you should. Most times, you shouldn't.
Yes, money makes life easier and more enjoyable, but it does not give lasting fulfillment.
Read and prosper from 9 Life Lessons You Should Know If You Want To Be Rich And Happy.
Lasting fulfillment comes from within. How do you tap into lasting fulfillment for the rest of your life?
Answering this question can make you the wealthiest person to walk the planet. Ever.
Keep reading to find out.
Greatness comes from living with purpose and passion - Ralph Marston
Unlimited wealth comes from living a fulfilled life and is something money can't buy.
How do you live a fulfilled life?
Read and prosper from 'Create A Life Worth Living If You Want To Be Successful And Happy,'
A quick story.
The first astronauts to land on the moon returned as heroes.
But now what?
Life after the moon landing for the astronauts was 'ho-hum' at best, and disappointing at worst.
It's the same for most entrepreneurs after an exit.
The morning after my 9-figure exit, two feelings jolted me upon waking.
First, the exhilaration from the satisfaction of a done deal and all those zeroes in the bank.
Second, nervousness from not knowing what I would do for the rest of my life.
I failed to ask the only question to ask before I sold my business.
What's the question?
Read and prosper from 'Revealed: The Only Question To Ask Before Selling Your Business.'
For most entrepreneurs, life after an exit has boredom and unhappiness set in with nothing to do. All day. Every day.
Find something you're passionate about and do it.
Life after an exit for some entrepreneurs is managing and investing their wealth. Other entrepreneurs find themselves in startup mode after an exit.
The only right answer is what works for you.
Know this and know this well.
There's one thing you must do before your exit. Figure out what your life after an exit looks like that has you happy and fulfilled.
Spend the afternoon. You can't take it with you - Annie Dillard
The only thing to do right after an exit is to take and enjoy a business vacation.
Skip this step at your risk.
A quick story.
After my 9-figure exit, I immediately jumped into a new venture that netted me 7-figures.
Sounds great until you know that the new venture ended up being a 7-figure loss.
I started my EdTech right out of school with no money, experience, or team and was successful.
The new venture had me with plenty of capital, experience, and a team and still failed.
I skipped the step of taking a long and extended business vacation to recharge and regroup.
Let my in-the-trenches of heavy lifting be for your benefit and reward.
Should your business vacation be six months, a year, or more?
There's no 'right' or 'wrong' answer on this one. You'll know when you're ready.
And if you're the smart entrepreneur that I know you are, you've already asked 'now what?' to prepare yourself for life after an exit.
A business vacation can also help prevent you from making the biggest mistake of your life after an exit.
What's the mistake?
Keep reading to find out.
Proper preparation prevents poor performance - Charlie Batch
Wealth after an exit can be painful if you're not prepared.
The first two actions for life after an exit are first for a reason.
Spoiling yourself on something memorable gets the urge to spend out of your system. You also capture the moment.
Locking your money away for a year buys you time to explore the choices you have. Take the time, all the time you need, because it's investor beware.
What will you say when the hospital President asks you to donate millions? You'll hear that your other rich friends donated, and so should you.
Whether you say 'yes' or 'no' isn't important. What is important is playing the long game and the role of donations, if any.
As sure as the sun rises tomorrow, know that friends, family, and people who claim to know you will call for a 'loan.'
The stories you hear will break your heart. And your bank account.
Before you make your decision, replace the word 'loan' with 'donation' for everyone's sake.
After an exit, ensure that your new BFF is the word 'no.'
Most people lack the mastery of knowing when to say 'no' and how to say it. Don't be one of these people.
Read and prosper from Why Saying No To Opportunities Is Saying Yes To Success.
My Rockstar entrepreneur, as much money as you think you have, you don't have enough to go around,
You've worked and risked too much to squander away your new wealth.
Plan today how you'll invest and give so you can enjoy tomorrow with no pressure or regret.
Life after an exit is not the end, but instead, a continuation of your journey.
Know that you'll make mistakes along the way, some more painful than others.
The only question is how many mistakes you'll make, and will they be fatal?
The smart money is on preparing a plan for investing and giving before an exit. Yes, your plan can and will change, but staring at a place called 'somewhere' is better than 'nowhere.'
Knowing how and where to invest your wealth has its rewards and pitfalls. Being asked to donate money to charities or friends has its challenges.
You don't know what you don't know.
But what you can and should know is how you'll handle yourself when the requests come in.
How you invest or squander your money shouldn't be a decision made on the spot.
Remember me? I was the kid who started his EdTech right out of school with no money, experience, or team.
Thirteen years later, I was an "overnight" success with a 9-figure exit. In the blink of the eye, I owned a new startup that was on the receiving end of a 7-figures.
7-figures of painful losses.
Let my loss be your gain through preparing yourself for life after an exit.
I've done the heavy lifting for you with my in-the-trenches experience.
What do you do and where do you start?
Start at the beginning with the first strategy and stay with it until you master it. Move on to the next strategy and do the same until you've mastered all five.
You can do it. I know you can.
Here's to you and your success!
Your Biggest Raving Fan,