Why I Sold My Startup
It’s been nearly 6 months since I wrote my last blog post, and lot has changed since then. As the leaves were changing, the nights grew longer, and the air became cool and crisp, I was stepping into a new season in my professional journey. My business, Paper & Coin, a financial coaching and literacy company for Millennials had doubled in size. We’d brought on more team members, onboarded many new clients, and had just been accepted into a tech accelerator to test, validate, and prototype our idea for a financial literacy and coaching app. Everything I’d been working so hard for over the past 4 years was finally gaining momentum and showing potential to grow into something incredible - just as I’d always known and believed that it could.
But, for reasons that I can’t share right now, but someday hope to, I would no longer be able to be at the helm to lead my company to the next level. So, earlier this year, I made one of the hardest decisions of my life; I decided to step down as the CEO of my own company. This decision came after months of internal struggle, many heart-to-hearts with my husband, and conversations with professional advisors. Truthfully, over the last 6 months, I’d been feeling like I was trying to fit a square peg in a round hole - twisting, prodding, and contorting reality to make all the pieces fit perfectly and seamlessly together. But, no matter how hard I tried, it wasn’t working.
Almost every business book you read, or every entrepreneurship podcast you listen to talks about being resilient, beating the odds, and powering through no matter what. But, what about when “no matter what” really does matter? Then what? Yes, leadership is about plowing forward and making it happen. And, there have been hundreds of times over my entrepreneurial journey where that’s very much been the case. But, leadership is also knowing when to fold ‘em, close a chapter, and see things in the bigger picture and scope of your life. In stepping down from this post, I’m stepping into a new experience of leadership, and taking in all the lessons that come with that.
I wish I could tell you that I have this some grand, master plan about what I’m going to do next, but the truth is, I don’t. And, that’s exactly what I need right now. No clear plan. No agenda. No timeline. Just an opportunity to rest, reflect, and regroup after a gruelling 7 years of running on fumes.
Since getting engaged at the end of 2014, I was from working like a madwoman (with my husband) to save up and cash-flow our wedding. Then, after having just a few months to settle into our newlywed life, we dove headfirst into paying off student loans, becoming debt-free, establishing an emergency fund, and having a healthy financial start to our marriage. Soon after that came my idea to start a financial coaching company for people who were in a similar stage of life as me. That pretty much took over every spare minute (and, then some) I’ve had over the last 5 years as I’ve continued to simultaneously work full-time jobs while building this start-up.
Now, for the first time in a long time, I’m not busy. I’m creating space - in my life, my calendar, and my mind. I’m finally able to have the mental, emotional, and even physical breathing room I need to rest and realign to what truly matters to me. As much as I love being an entrepreneur - dreaming up, starting, building, and growing a business, I have no business plans or goals for the next 6 months. And, if you know me, you know just how much of a challenge that is for me.
Here’s what I will be doing instead:
Focusing on friends and family
If the last year and a half has taught us all anything, it’s that when everything else, like your business, job, travel plans, leisure activities, and even your health fails, all that truly matters are your loved ones. Though I’ve always made sure to spend time with friends and family, many of those times were often burdened by the weight of looming deadlines, mental or emotional stress related to work, and sometimes, simply not having the energy to invest in relationships, despite how badly I needed and wanted to.
Reading, reading, reading
Admittedly, I’ve never been good with this. But, I’ve come to accept that I don’t have to commit to reading War and Peace to constitute as quality reading. Having less frantic Slack and email laden mornings has allowed me to start my day nice and slow, enjoy my coffee, and take my time to read and study the Bible. I’ve also made more of a point to read fiction (historical fiction, to be exact) in the evenings before bed. And, without the endless, aimless distraction of Instagram or Facebook, I’m now spending that time reading different newsletter, articles, and blog posts on business, entrepreneurship, tech, and finance.
Prioritizing my physical and mental health
Like anything in life, any meaningful change with your physical health, nutrition, and fitness is a journey. As much as I’d love to snap my fingers one day and lose 30 lbs, I accept that that’s never going to happen as fast as I’d like. I simply need the time, space, and grace to focus on this facet of my life. When you’re in back-to-back meetings, with barely enough time to eat lunch, let alone plan and prep healthy meals, physical wellness can be the first thing to fall off your list of priorities. At least, that’s almost always been the case for me. Also, the heightened level of stress that I’d been experiencing over the last two years, in particular, had really taken a toll on my mental health. Every few months or so, I was experiencing panic attacks. I’d been having trouble sleeping, and was often feeling very frantic and anxious. Thankfully, long walks outside, especially in nature, have really helped me clear my head, lower my stress and anxiety levels, and have been a great way to get in some low impact exercise.
And, that’s it. That’s all I have planned to do over the next 6 months, and maybe more.
No client calls.
No partnership proposals.
No investment decks.
No deadlines.
No projects briefs.
No contracts.
Nothing but time to reflect on the fact that 5 years ago I had an idea to start a financial coaching company, and then I did it. I made it happen. I hired 7 people, dozens of contractors, and paid people on time, every time. I built relationships with brands and influencers. I hosted live and virtual events. I started and distributed a print magazine across the country. I wrote blog posts and articles. I was a guest on podcasts. I closed corporate sponsorship deals. I worked on an fintech app. I was accepted to an accelerator. I pitched in front of investors.
I did that! All of that! And, I am so damn proud of myself. And, one day, when I’m rested up, good, and ready, I’ll do it all again. Except, this time it’ll be different. It’ll be bigger, bolder, and better. One day. Soon.
Until next time, friends…
Cheers,
Octavia
