CHALLENGES FACING THOSE WHO HAVE SOLD THEIR BUSINESSES
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.