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 report, we analyze how the private sector has reacted to this changing political and economic environment. Our findings are based upon 53 interviews of a cross-section of business leaders in Colombia between 2017 and 2018, supplemented by press articles, official documents and academic literature. These interviews constituted a cross-section of Colombian business, across sector, size, location, political variables and individual business environments. This report presents our lessons learned on these issues, confirming that the “logic of the firm” operates and takes shape in different ways in transition from conflict to peace.