Colombia’s transition to a post-conflict country has brought security gains and economic benefits to many parts of the country. However, this transition has come amidst political polarization, state weakness, and continuing illicit economies. In this brief, we discuss how the private sector has reacted to this changing political and economic environment. We present lessons learned from our research, confirming that the “logic of the firm” takes different shapes in transition from conflict to peace. We recommend that policies to promote business participation in post-conflict peacebuilding should include the identification of specific business opportunities and potential markets in the regions and economic sectors considered most promising.