Stay ConnectedYou sell your company and receive a windfall. Maybe you’re a higher earner and have saved enough to reach FatFire. Hopefully a huge amount, more than you can ever imagine.
Now what? How do you preserve your wealth, use concierge services, and craft the lifestyle you want? This show, After The Exit, brings on guests who have experienced the same to share what they learned and help others through the process.
Copyright: © After The Exit
Curious to hear what someone else’s Rich Life is?
How about what they spend and why?
Tad Fallows is Co-Founder of Long Angle, a community for high net worth individuals to ask questions and learn from each other.
In this episode we dive into:
* How Tad came into wealth
* Moving from Californiato Texas and if he’d recommend it or not
* Vacation homes and increasing lifestyle spend
* Defining Tad’s Rich Life
* Journey of starting Long Angle
In this episode, we dive into three big topics.
Executive Health Results
Longevity is the talk of the town. From Peter Attia, to Huberman, and Bryan Johnson, it seems everyone (at least in the tech world) wants to optimize their health.
Ryan recently signed up for a concierge doctor. We’ll dive into how much it costs, the process, and his results.
Goal Setting
I used Jesse Itzler’s Big A## Calendar for goal setting this year.
It was the first year I’ve set goals. Taking after Jason Fried’s thought process when I ran my business, I felt goals added unnecessary stress and missed short-term opportunities.
But this year, I felt different. I wanted more structure in my personal life and a plan for 2024.
Ryan went about this year’s planning in a unique way too. He did a deep dive with his wife into what they wanted together using Justin Donald’s Marriage and Family Planning Workbook.
2yrs Post Exit Lessons
I wrote a longer list of what I’ve learned in the past 2yrs after selling my business.
If you start another business, does it have to go bigger? Or is that a trap? Ryan and I chat about this along with our biggest learnings.
Hope you enjoy the episode!
No more Zooms, 1-on-1 meetings, and monthly catchup calls. The feeling of being “the founder” is gone, and the identity you created in your industry has worn off.
You’ve sold your business and are left with your thoughts and a boatload of money.
No one will feel sorry for you, so don’t even try asking them “What should I spend time on?” or “I don’t feel fulfilled; what do I do?”.
You could ask a high-net-worth community as a start.
Or you could listen to this episode of the After The Exit Pod!
We dive into the different stages of finding fulfillment again.
Stage 1 - Wtf does this money mean?
You just made a LOT of money. Even if it’s just $1m, consider how many years of saving a normal job post-tax income you’d need to get $1m.
Whatever the windfall amount, congratulations!
What does this mean for you? What’s the life you’re supposed to live? What should you buy? Should I be an investor now?
Lots of questions will crop up.
Pause, breathe.
Just know you can let your mind settle for a year, and you’ll be fine. No rush.
Step 2 - Research
I started to talk to anyone I could who sold a business. I’d interview them like a 60-minute episode.
What I found, though, is everyone invests differently. Everyone spends differently. And because of this, it’s difficult to use others as a model. You can take bits and pieces from each story. But for the most part, look for foundations.
Are you in wealth preservation or growth mode? Do you need more money?
Those are foundations to build on. Less so, exact portfolio allocations or relocation plans for lower income taxes.
Stage 3 - Discovery
What drives you now? I’d say I’m in this stage.
This has been more difficult as, by default, you may knee-jerk back into wanting to run a big business.
I’d challenge you, though. Were those times really that great?
When a key employee puts in their 2 weeks. An important customer churns. The application is down at 2am. Skipping out on friend and family get-togethers to be at a trade show.
It’s easy to romanticize running a business. We’re entrepreneurs, we’re overly optimistic! Try looking at the full picture, though.
What’s working for me? Create a routine. Book your calendar with time slots for activities:
* Gym
* WSJ reading
* Surfing
* Lunch
* Project
* Kids
Whatever it is, create structure. Then use those slots to figure out which gives you positive energy and which is a drag. Adjust accordingly.
Step 4 - Settling with new purpose
My guest on this episode has reached this stage.
He felt 70% fulfilled again, creating a new routine around mentoring companies, more family time, and investing.
It appears most have created a better balance here. Gone are the 90% of your hours spent on the business, and hello to an equal pie of time spent. Probably a healthier way to live.
I’ll report back when I get there!
Post Exit, do you go bigger? Do you enjoy life? What's next?Our guest today explains his thought process. We went through a bunch of topics around:
* Alternative & angel investing
* Portfolio allocations
* Using a wealth manager or not
* How to spend an earnout (time-wise)
* Getting mentally motivated again
You sold your business, and have liquidity.. now what? We dive deep to make the process easier. Subscribe for free to receive new posts and support my work.
My guest today started his career in cyber security working for the government. Can you believe he was cracking codes? After leaving, he had an idea that turned into a large 8-figure exit. Listen to how it changed his life, how he balanced his family through the process, and what's next.
This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit www.aftertheexitpod.com
Our guest immigrated to Germany and took odd jobs until he landed in his passion, e-commerce. After years of selling vinyl records on Amazon, he was able to sell the business for 7 figures. Listen to what his life is like now and how he manages his money.
This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit www.aftertheexitpod.com
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