This side effect is especially dangerous for business owners. If you own a business it’s something you’ll experience and if you’re not ready for it, you might wish you never left your business.
What is this side effect you say? Read on and you’ll find out.
First, a story
The first twenty years of my business career was spent in the vending and food service business. I went from being a no-body in the industry to being one of the five or ten most visible people.
I taught over 200 vending companies strategic financial management, people management and operations management. I was the President of the New York State Vending Association for three years and I was chair of the National Vending Association’s education committee for eight years.
Then the time came for me to leave the vending business. I sold my business and had no plans to really leave the industry. I just didn’t know that once I sold my business the vending industry wouldn’t really want me.
You see, the phone stopped ringing and because I was off the radar screen of people in the industry there was no reason for them to call me. I went to trade association meetings for a while but people weren’t as interested in talking with me. I found out I wasn’t relevant because I no longer had a vending company I was involved with.
I was lucky. I had made arrangements to immediately join another industry. I had something to keep me busy. Unfortunately, many other people I know who have sold businesses just sit at home waiting for the phone to ring… and it never does, at least for them or for that matter me.
It was pretty hard going from being in constant demand to having no one want to hang out with me. And, it’s something that will probably happen to you when it’s time for you to leave your business or your career.
What have you done to prepare when the phone stops ringing?
If you don’t think your phone will stop ringing, think again. You might initiate calls to your friends in your industry and my guess is they’ll take your call, but be much less interested in what you have to say. Read more >