What Will I Do After Selling My Business?
Aug. 10, 2014
For many entrepreneurs, the main goal they’ve held onto through the years of hard work and stress, and in their loftiest dreams, is being able to sell their business for a big profit and relax.
Often times, though, once that point approaches, panic sets in. Years and years (even decades) of your life have been dedicated to nurturing and growing the company you created, and facing the prospect of completely giving it up and walking away can be daunting.
If you do find yourself wondering what the next chapter after a business sale will look like for you, here are some suggestions:
Fully retire. Starting and running your own company is stressful, and all those years have most likely taken their toll. Perhaps it’s time for you to just kick back and relax. Or, perhaps health issues are what caused you to look into selling your business in the first place. Either way, the peace and freedom of retirement may be just what you need.
Partially retire. Oftentimes, new owners will specify that they want you to remain on with them for a while in order to make the transition as smooth as possible. Sometimes they even want to keep previous owners around full-time to run the company. Or, you could look into getting a part-time job doing something you love, or even spending your time volunteering.
Make more money. Just like you sold your business, there are numerous others out there looking to sell their businesses as well. You could use your money to buy a business in a field that has always interested you, or in a different geographical area closer to your family, etc.
Pick up a hobby. Never underestimate the simple answers. Have you always wanted to learn how to fly a plane? Or did you use to play piano or paint? Maybe you’ve been mulling over the idea of buying a classic car and joining a racing league. Everyone has hobbies, and now that you created a successful business and sold it, it’s the perfect time to enjoy the things you love.
Whatever life after a business sale holds for you, during the sale, you need the experience and guidance of a skilled business attorney. Call today if you have any questions.