In this article, I want to show you how you can use your business as a vehicle to transport you to your ultimate purpose and ideal life.
Now, not everyone knows what their ideal life would look like. The easy answer is having enough money to never work again. But, if you’re an entrepreneur, I can make a reasonable bet that you would be bored after a few months of doing nothing.
An ideal life doesn’t happen by chance. It’s a result of careful planning and soul-searching. And if you’re a business owner, your business can do the heavy lifting to transporting you there.
Building a buyable business that gives you options to harvest and that leads to your desired lifestyle is great, but it’s not easy. It requires stepping out of your comfort zone.
But why should you make yourself uncomfortable without having a compelling reason to do so?
This is where articulating the future and your ideal life comes in. Today I’ll give you the three most important questions you need to ask yourself to really figure out what your desired future looks like.
Is Running the Business Your Ideal Life?
Building and running a growing, prospering company can be a fulfilling and stimulating experience. You may have already found your calling in being an entrepreneur, and if so, that is wonderful.
However, running a business is also often stressful – not just when the business is failing but also when it is prospering and manifesting growing pains.
Are you ready to handle the stress of a business, especially when you own it and are exposed to the risks and costs of fixing problems?
If It’s the Business You Want, What Is Your Ideal Role and Setup in It?
Do you enjoy running the day-to-day operations of the company? Or would you prefer being a visionary leader who focuses on strategy, culture, big relationships, and acquisitions while delegating someone else to run the business for you? Or do you see yourself in a technical role inside the business?
As an owner, you get to decide. There are positive and negative examples of role and setup, and it is up to you as the founder to shape your future in your business.
If Your Ideal Life Is Outside the Business, What Will Sustain Your Satisfaction After an Exit?
This is the most critical question for you to answer.
As long as you control the business, you can always change your mind about your future role in it. But after the sale, there is no turning back (with rare exceptions that you will not be in control of).
So, what happens after?
I have seen successful post-business careers include running for office, becoming a best-selling author, investor, and even…starting a new company.
Rarely did I see examples of extended vacations, golfing, boating, retiring to an exotic island, or spending full-time with grandchildren work out for ex-entrepreneurs beyond a three-to six-month period.
In any event, by building a buyable business you give yourself options for the future when inspiration strikes you, or when outside events force you to stop running your business.