The ultimate goal for many startup founders is to have a successful exit, but when you achieve that, like achieving any goal, there is always the question of what is next.
If you are a founder who has had a successful exit, you should celebrate and take some time off if you can. And you should take the time you need to process the good, bad, and challenging situations that got you to this place. But after you take the time you need, or maybe concurrently with your processing, you will need to start thinking about what you are going to do next.
Many founders get a good payout, but it’s not enough for them to exit the workforce permanently. They start thinking about whether they want to start another business or help someone else grow their established business.
I find that some founders loved building something from scratch. They found the initial startup phase gratifying, even though it required long hours and hard work. They didn’t mind doing the jobs of the people they would eventually hire to support the business. They enjoyed problem-solving and learning new technology.
These professionals will often choose to start another business, taking the learnings from growing their previous startup with them into the new business.
Other professionals enjoyed the latter stages of business growth more. They appreciated having predictable cash flow and a budget for A-level talent. They didn’t mind navigating the additional complexities of a bigger business, or generating the reports required for investors. They implemented systems and processes so the company could scale. They scaled the business so it could be sold.
These founders are the ones who reach out to me to learn about the process of going from entrepreneur to employee.
At first, they question whether their exit was even successful since they can’t retire. I assure them it was successful and they should feel great about building something that had value without them in it, and that has longevity.
We discuss why they don’t want to start another business and get them very clear on how they will talk about this with others – because everyone will assume they will want to start another business.
I ask my former founder clients which parts of their business they enjoyed the most. Usually a founder will have liked sales / business development or operations the most. Or sometimes product development, if they owned a tech company.
Over time, we will lock into what size company at what stage of growth is the right fit for them now. We might decide the company should have a specific number of employees, or have reached a specific range of annual revenue.
Or maybe the company has just gotten seed funding or Series A investment.
Each stage of growth requires different strategies and skill sets, and while a founder has done many things in their business, they likely will be better suited to a specific job function at a specific point in the evolution of the business.
It can be much easier to identify your right role and map out a strategy for landing your new position if you work with an expert.
Photo by Shannon Rowies on Unsplash
