Exiting Your Business? Three (3) Things I Wish I Knew...

Are you a blue-collar founder who's ready to exit your business?

Today, I'm going to share with you three things I wish I knew before I exited my first venture back in 2012. I talked about it on my YouTube channel this week. YouTube is a new animal and I'm just learning it, so keep ya posted on that, ha.

Back to the point...

Throughout my career, I've launched or acquired multiple ventures in blue-collar sectors across the Southeast and had three exits (two very successful and one by the grace of God). I think entrepreneurship is the hardest profession we can chose, but also one of the most rewarded - if we value the lessons from the highs and lows.

It's been quite the journey.

But today, I want to share with you three things I wish I knew when I was exiting my first venture - my baby... My life's passion. The business I thought my kids would run...

The first is about the importance of legacy.

The second is about strategically planning your exit.

And the third is about being ready to embrace your next chapter? Post exit is a whole new beginning. We're exiting one thing and starting another.

I don't believe in retirement - I call it REPURPOSING.

I think we are meant to be active our entire lives - not working, but living.

And frankly, I think we still have work to do. I believe we still have value inside our bodies to give.

That's why I want to share these things with you today.

1. Legacy Matters

Your legacy is more than financial gain; it's the lasting impact on your industry and community. I’ve observed and learned from peers who’ve skillfully transitioned from their ventures, ensuring they continue to contribute positively. Actively participating on boards, mentoring up-and-coming entrepreneurs, and giving back to the community are ways to cement a meaningful legacy.

That wasn't me after my first exit. I had no clue what to do so I jumped at any opportunity that came.

Need help, I'm in. New venture, I'm in... New shiny object, I'm in...

I didn't have a plan.

2. Strategic Exit Planning

There's many ways to exit a business. In my first venture, I exited to a private equity firm. These were guys who raise money, typically from limited partners, who invest into a fund and the PE firm will then acquire your business.

There are tons of options available today:

• Venture Capital
• Search Funds (this one is interesting to learn about)
• Angel Investors
• Crowd Funding
• Strategic Exit
• Holding Companies
• Family Offices
• and many more...

So just know that there are options. If people are approaching you to acquire your business, you've got options. In fact, you've got a lot of options out there right now because there's a lot of folks looking to get into YOUR business... BE SELECTIVE...

3. Starting the Next Chapter

Finally, probably most important on my heart is knowing that when you exit that venture, you're starting a next chapter. You're not done. An exit isn’t an end but a new beginning.

Heck, I thought I was a retired 30 something throwing the football with my kid till the neighbors all thought I was unemployed (that's a mindset issue by the way).

I didn't know what I was CHASING...

It took me 10 years of lessons, bumps, bruises, and wrong turns to finally ask myself that one single question:

What are you chasing?

For me, I learned it was FREEDOM.

Financial freedom, time freedom, freedom to do your thing, freedom to experiment, freedom to do what makes you happy.

That's the thing that when we exit our business, I fell into the trap of going right back into the same thing I knew, going right back into the same grind, going right back into the same suck-fest, because that's what I knew.

After an exit (GOOD OR BAD), you can rewrite your personal script.

Wrapping It Up

The journey of entrepreneurship for me continues, with valuable lessons at each stage - usually learned from other people, other founders, those that have gone before me, and to be honest - those that are just starting...

Remember, you have options when exiting your business.

The time freedom post-exit provides a unique opportunity to redefine your contributions to your field, family, community, and to your hobbies.

I'm on all social at AndySmithLife and love sharing a little encouragement for those out fighting the good fight of launching, building, and exiting businesses.

Reach out if I can help you on your journey.