Owners who sell their business can take steps to fill the void they may find to help make a smooth transition, according to a wealth management expert. 

In a recent Central Penn Business Journal article, senior wealth manager for BNY Mellon Wealth Management Brian Luster offered several tips for business owners who may find their "newfound freedom" overwhelming and who have a loss of identity as they become a private citizen. 

"For those who did not have the foresight to prepare, there are several steps that can be taken after the sale to improve the chances of a successful transition," Luster writes. "These include taking time to rest and contemplate, reinvigorating relationships with friends and family, identifying values that are of utmost personal importance and matching them with appropriate activities, revisiting old hobbies or learning new skills, engaging in charitable endeavors, exercising regularly, and traveling to places they have always wanted to visit." 

Luster suggests those in transition join a "peer group with other post-sale entrepreneurs or work with a coach to help you make the transition." He also says many find pursuing civic, philanthropic or personal interests to help during the transition.

He says the "post-sale life" is sometimes a shock for entrepreneurs, with only 40 percent of them saying their life is more rewarding after the sale of their business. 

"Finding purpose after a sale is never easy, but with time and a little work, each individual can wake up every day to a fulfilling life," Luster writes.