You grew a business from the ground up and spent your life growing and tending to it, but now you’re ready to take the final step and sell. Your hard work, big risks, long nights, sacrifices, competition, payroll challenges, etc. have all finally paid off. It’s time for you to cash out and enjoy the fruits of your labor.
Many entrepreneurs find that soon after selling their business they regret the decision.
But why?
Certainly, some of the issues stem from growing pains, but most of the time there are things that could have been avoided if better planning had occurred.
Planning Life After Business
There are a few different layers to peel back here; your financial, emotional, and personal paths moving forward, just to name a few. Our goal with this post is to illuminate some of the important and forgotten factors to transitioning to life after selling your business.
The Money Side of Things
Of course your financial plan should be started years in advance and will be tethered to the other aspects of your post-sell life. We can help guide you through your portfolio, a solid lifestyle plan, and even walk you through changes in taxes and benefits. You can learn more about our services here or give us a call!
While the financial element will always be our priority we do work hard to take a holistic look at our client’s needs. To do this we must consider things outside of the financial arena.
The Emotional Side of Things
Time and time again we’ve seen clients who thought they had everything under control and then came back to us after a sale and shared how unprepared they were emotionally. Careers and businesses don’t last forever, and we all know that, but it doesn’t make it any less difficult to step away when the time comes.
Things to consider:
- Will a sudden change in liquid capital put stress on any existing relationships?
- How will your routine change?
- Will your activity level change?
- Are you ready?
If you want to prepare yourself to handle all of the above, here are some important themes to reflect on and steps to take to get yourself in the right frame of mind.
- Invest time into strengthening relationships with friends and family members.
- Look for opportunities to get involved with your community, take on volunteering positions that can help fill a missing link in your community’s needs.
- Revisit old hobbies or interests.
- Take a class to learn a new skill, a language, etc.
- Give yourself a break! See a part of the world you have always dreamed of seeing.
As an entrepreneur, you likely never gave yourself true time for relaxation and contemplation; it’s important in this transition that you have the space to explore your new life. Some former business owners have said that they felt as if their identity changed once they sold their business. You can find your purpose in life after selling; but much like your finances, it will require some planning.
If you want to discuss putting a retirement plan into place and reviewing the steps necessary to achieve your goals, let’s talk! You can reach out to us by filling out our online contact form here!