Ep 470 After the Deal: James Ashford on the Aftermath of Selling a 12-Employee Company for 8 Figures
Nov 29, 2024
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James Ashford, founder of GoProposal and seller to FTSE 100 company Sage, shares his journey of navigating life after a successful business sale. He discusses the emotional challenges and surprises of post-exit life, including the identity crisis faced by entrepreneurs. James reflects on the shift from entrepreneur to corporate ambassador and the deep personal growth that comes from embracing lifelong learning. He emphasizes the importance of understanding your new corporate environment while also revealing the emotional toll entrepreneurial success can impose on personal relationships.
James Ashford successfully built GoProposal with a clear exit strategy, focusing on scalability and solving specific industry problems to attract buyers.
Post-sale, James grappled with emotional challenges and a sense of identity loss, struggling to redefine success within a corporate structure.
The transition from entrepreneur to employee prompted important discussions about family values and parenting, highlighting the need for open communication in relationships.
Deep dives
The Journey to Sale
James Ashford built his business, GoProposal, with a clear goal of eventually selling it. He crafted it to solve sales process issues for accountants and focused on scalability, which included protecting intellectual property and providing exceptional customer service. After five years, his business was ready, and the timing was right to approach acquisition amidst the peak valuations for SaaS companies post-COVID. He successfully sold GoProposal for an eight-figure sum to Sage, leveraging insights from a book he had read about building a company designed to sell.
Life Post-Acquisition
Following the sale, James faced unexpected emotional challenges despite achieving financial freedom. The transition from playing to win in entrepreneurship to playing not to lose as an employee created an unsettling contradiction in mindset. He struggled to redefine success, noting that post-acquisition life was filled with bureaucracy, which stifled his entrepreneurial spirit and left him feeling restricted in the larger corporate environment. Additionally, he noticed that his sense of identity was tied to his entrepreneurial accomplishments, creating a sense of loss after the sale.
Realigning Personal Values
The financial success of selling his business brought additional pressures and necessitated a reevaluation of personal and family values, particularly concerning parenting and education decisions. James and his wife found themselves navigating new discussions on how they wanted to raise their children, which introduced stress and potential conflicts about their differing opinions. This reflected a broader challenge that entrepreneurs face post-exit, as they must adapt to changes in their roles within their families and relationships, requiring deliberate attention to stay aligned. They realized the importance of open communication and shared values in maintaining their relationship through this transition.
Emotional Recovery: A Journey of Self-Discovery
James experienced a significant emotional and mental breakdown after the sale, characterized by intense anxiety and a sense of losing control. This led him to seek therapy, where he began to confront unresolved traumas from his past and explore his emotional landscape. Through various therapeutic exercises, including animal-assisted therapy with horses, James learned to reconnect with himself and to embrace vulnerability as part of healing. This journey highlighted the need for entrepreneurs to recognize their emotional well-being and to seek support during times of significant life changes.
Lessons for Future Entrepreneurs
James emphasizes the importance of preparation before selling a business by addressing emotional and psychological health in advance. He stresses that entrepreneurs should not just strive for monetary success but should also focus on sustainable personal growth and aligning values with loved ones. Realizing that money itself does not equate to happiness, he encourages others to cultivate reliable sources of energy and fulfillment that extend beyond financial gain. Ultimately, his experiences underline the necessity of self-awareness and connection as crucial components for a thriving post-exit life.
James Ashford built GoProposal with a clear goal: to sell. From designing the logo with potential acquirers in mind to rallying his team around the vision, James executed his plan with precision. The result? An eight-figure sale to Sage, a FTSE 100 company. But what happened after the deal?
In this week’s Built to Sell Radio, part of our After the Deal series, James opens up about life post-exit. Selling a company can bring financial freedom, but as James reveals, it also comes with unexpected challenges.
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