Before You Sell a Property Management Company, Plan What Comes Next

A sale can go well on paper and still leave a founder wondering what comes next. My friend Pete Neubig told me about that part of his story on my show.

Pete built Empire Industries from scratch, starting at 41, and grew it to nearly 1,000 doors across three Texas markets. He sold in 2019. He had more money than ever, but he told me he was more depressed than he had ever been.

The question an exit plan can miss

Pete had not wanted to sell; his business partner did. Once the money arrived, Pete had no answer to a different question: What am I going to do next?

He took a job with the buyer and spent 18 months doing work he did not want to do for a company whose vision did not match his own. He described feeling no purpose. During COVID, his wife heard him speaking sharply to his boss and called it out. He realized something had gone wrong inside him, even though the deal itself was done.

That hollow feeling isn't unique to selling a business. Think of the letdown after a long project ends, then imagine it tied to your identity, your team and your daily routine. A sale price alone cannot tell you who you will be the next morning.

Plan for life after selling your property management company

Pete's advice to owners thinking about an exit is simple: know what you want to do next before you sign. It might be retirement, travel, a new business or a different kind of work. What matters is having an answer that is yours.

My experience was different. When I sold, I knew I was staying on with PURE to help build a national brand across several states. For me, that made the sale feel like a beginning rather than an ending.

If you're building toward an exit, start thinking about your life afterward well before a buyer calls. Plan the financial side, of course. Then make room for the harder question: what will give your days purpose when this company is no longer yours?

Listen to my conversation with Pete Neubig for more of his story, including how he went on to build VPM Solutions.

Stacey Salyer

Where can I learn more?

If you want to grow a property management company through acquisition, take a look at Slayer's Built to Acquire.

Frequently asked questions

Why was Pete Neubig depressed after selling his property management company?

He sold in 2019 with more money than ever, but had no answer to what he would do next. He spent 18 months in a job with the buyer that gave him no purpose.

What should you decide before selling a property management company?

Know what you want to do next before you sign. It might be retirement, travel, a new business or a different kind of work.

Where can I hear Pete Neubig's story?

Listen to Stacey's conversation with Pete Neubig on YouTube, linked above, including how he went on to build VPM Solutions.