CHAL­LENGES FAC­ING THOSE WHO HAVE SOLD THEIR BUSI­NESSES

Finweek English Edition - - MONEY -

Loss of pur­pose, iden­tity and com­mu­nity: en­trepreneurs are of­ten de­fined by their work and work­ing en­vi­ron­ment, so cop­ing with this loss and change in sta­tus can be a huge strug­gle for many of them. For those who have not planned for this event, the lack of struc­ture that the pre­vi­ous daily work­ing en­vi­ron­ment and life­style de­manded, is re­placed by lit­tle more than mean­ing­less events and thoughts on how to fill their days. What now? It is of­ten very dif­fi­cult and con­fus­ing for th­ese en­trepreneurs to carve out a new role, cre­ate bal­ance, and find out what to do with their free­dom and how best to ful­fil their en­tre­pre­neur­ial spirit. The free­dom that stretches ahead can be over­whelm­ing for the en­tre­pre­neur ac­cus­tomed to a struc­tured and fast-paced work­ing en­vi­ron­ment and life­style. New­found ‘friends’: the change in sta­tus of­ten brings with it a host of newly ac­quired friends, some of whom have ‘projects’ that re­quire in­vest­ment as well as those who by na­ture grav­i­tate to the rich and fa­mous. Keep­ing grounded and level-headed and lis­ten­ing to those who you trusted prior to your wealthy sta­tus means it will be eas­ier to fil­ter through th­ese ‘friends’. Another chal­lenge fac­ing the newly wealthy is that of be­ing treated dif­fer­ently by not only new friends but by cur­rent friends and fam­ily. Wealth preser­va­tion: iden­ti­fy­ing the right wealth man­age­ment strat­egy and ad­viser is cru­cial to en­sure suc­cess­ful wealth man­age­ment. Giv­ing back: phil­an­thropic ac­tiv­ity is a com­mon thread among many en­trepreneurs, many of whom wish to ‘pay it for­ward’. Iden­ti­fy­ing those who re­quire and would best ben­e­fit from your as­sis­tance is not only re­ward­ing but can also be daunt­ing in terms of the myr­iad of re­quests the en­tre­pre­neur may face.

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