From June 2026 issue NZ Manufacturer magazine

-Mike Warmington, Director, Platform 1

Having a plan for after you exit your business is just as important as the exit plan.

You may have been in your business many years and it defines you. There has been structure to your life and you have emersed yourself in what you know and are good at.

Many owners find that when they exit they have not defined what their purpose and direction now is. You like golf and fishing, but not for 7 days a week. You wonder how your business is performing, and also the lives of your loyal staff and long-term customers.

A post exit plan before you fully leave the business enables you to consider the legacy you want to leave behind and how you can make a positive impact.

Last week I spoke to a business owner who had some exciting new idea’s to implement in his business. At the same he wanted to start stepping back from the business  but hadn’t fully determined what he would do.

  It became apparent an option was to find a Business Partner to grow the core part of the business, allowing him focus only on the new initiative which working 2 days a week  when he wanted to.

 This also would give him time to plan out the future and emotionally come to terms with it, without a complete hard reset. He could gradually exit on his terms.

Some key considerations for post business life:

• Don’t rush into it and you could consider a more gradual exit.
• The transition out of a business can be emotionally and mentally challenging. Having a plan can mitigate this by providing clarity.
• Work out your new purpose in life.
• Discuss your transition with your family and loved ones. It will impact them.
• Find some personal growth opportunities to focus on.

If you create an option to keep a hand in a part of the business you enjoy, this can go a long way in adapting to the new journey.

Having a plan for after you exit your business is essential for maintaining financial security, finding purpose and direction, preserving your well-being, leaving a meaningful legacy, fostering personal growth, nurturing relationships, and adapting to change.

It provides a roadmap for the next chapter of your life and enables you to make the most of your post-business journey.