In the new episode of our builders podcast, former Jimmy John’s CEO Gregg Majewski shares his proven strategies for restaurant growth and operational excellence. When Majewski joined Jimmy John’s, the brand had just 30 locations; under his leadership, it expanded to over 300. Now, as CEO of Craveworthy Brands, he’s building the next wave of successful restaurant concepts.

Watch the episode on YouTube or listen on your favorite audio app.

Exit Stage: What to do with your post-business life?

Wicked: When to unfollow the yellow brick road

Tacos: Who invented the hard shell? Not the Bell

(Source: business.com)

For years, your life revolved around the company you built and grew, but it was finally time to sell. Perhaps you followed some of the general advice in our previous Exit Stage segments:

• Part 1 (“When Is the Best and Worst Time to Sell Your Business?”)
• Part 2 (“What if Your Kids Don’t Want the Family Business?”)
• Part 3 (“How to Find the Right Buyer for Your Business”)
• Part 4 (“4 Questions to Ask Before Selling Your Business”)
• Part 5 (“The Costs of Selling Your Business”)
• Part 6 (“The Paperwork of Selling a Business”)

Now the contract is signed, the check has cleared, and the new boss is sitting in your old chair (or their upgraded furniture). Congrats! But this leaves one last question: What’s next?

First, expect the transition to come with a lot of emotions. Many small businesses are inextricably tied to the owner’s network, skill set, and lifestyle. The sale can trigger a loss of purpose and even a sense of mourning.

If you are more than ready to walk away, those feelings are still normal. We believe it’s best to decide on a plan six months prior to the actual sale. (When you’ve spent 50 or more hours per week attending to business, that’s a huge amount of time to fill if you aren’t prepared.) 

Here are a few potential paths forward …

Part- or full-time retirement

If you already have a passion outside of business — travel, golf, sailing, or any other intense interest — the odds of a happy retirement increase. You now have the time and money to pursue all sorts of great adventures. 

Some entrepreneurs who’ve led extremely busy, productive lives are able to retire happily. Others, though, may find retirement isolating or boring. If you fall into the latter category, think of it as a self-reinvention and personal growth period to find a new purpose.

Consider volunteering at a nonprofit involved with issues you find compelling. Find young entrepreneurs who can benefit from your experience to mentor. Consulting is another avenue, providing both relevance and additional income.

Angel investing 

If you’re an accredited investor, consider funding a startup you believe has promise. “Angel investor” originally referred to backers of Broadway plays, but the term now refers to anyone offering seed money for new enterprises. 

On average, an individual angel investor in the U.S. contributes $250,000 to a new enterprise for equity or convertible debt, but smaller investments are common. Angel syndicates allow you to pool resources with other investors.

While angel investors take significant risks, the goal is always an exceptionally high return.

Start another company 

Workaholism is often an inherent trait for those who build successful businesses. If entrepreneurship is in your DNA and there’s just no “off” switch, building a new one could prove the best “retirement” solution of all … but you might want to check with your spouse, kids, and/or pets first.

(Source: Shutterstock)

The hard-shell taco is often slandered as an inauthentic, factory-produced version of the Mexican food staple. However, its history may surprise you.

Way back in 1937 at San Bernardino’s Mitla Cafe, owners Lucia and Salvador Rodriguez started shelling out ground beef, iceberg lettuce, cheddar, and tomatoes in a fried tortilla casing. (Sound familiar?) Their “tacos dorados” — or golden tacos — were a huge hit and a favorite of Mexican-American activist Cesar Chavez.

But a hamburger stand owner across the street, Glenn Bell (that’s foreshadowing), was both envious of Mitla’s long lines and obsessed with a new fast-food rising star called McDonald’s. He fused Mitla’s unique taco style with McD’s assembly-line production style, renaming his burger stand Taco Tia, then El Taco before finally settling on — dun, dun, duuun — Taco Bell.

Today, there are over 8,500 Taco Bell locations worldwide … but only one Mitla’s Cafe, and it’s still serving the original and very authentic hard-shelled taco.

(Source: Universal Pictures)

Whether sales, IT, or spellcasting, sometimes your work can start to fill you with loathing, unadulterated loathing, as Elphaba learned in Wicked. Leaving a job can feel tougher than defying gravity, but if you have the courage, heart and brains, it may be time to close your eyes and leap. 

Here are warning signs that Emerald City (or your department floor, anyway) isn’t all it’s cracked up to be:

The work doesn’t satisfy you anymore

When you were green, the position felt exciting, even magical. But if you’re enchanting the same wings onto monkey spies (or pasting the same formulas into Excel) for the millionth time, every workday will feel like a slog, no matter how short.

You feel a misalignment of values

Not every job is going to be curing Munchkinitis, but if you’re an animal rights activist and your organization won’t allow a goat to work as a history professor, it might not be a great fit.

Your boss isn’t exactly a wizard

Broken promises, a dictatorial management style, only pretending to know what they’re doing … that’s not something you should stick around for, even if they have Jeff Goldblum’s dance moves.

Written by Jane Meggitt, John McNamee and Dan Ketchum. Comic by John McNamee.