You’ve completed the sale of your business! Now there’s an important question to ask yourself – what happens next and how do I see the next chapter of my life panning out?
In this series, we’ve given you all the advice you need to plan your exit, add value to the business, negotiate a great deal and define your new pathway once the business is sold.
So, let’s explore how your journey might look once the sale is complete.
Exiting your business is a big deal. You’ve spent years taking this enterprise from startup to established business, putting your heart and soul into making this company a success.
So once the ink is dry on the sale contract and the money is in the bank, you’re going to need a new challenge to fill the void of no longer being ‘the big boss’
Here are five potential pathways to take:
Retirement
After all these years of hard work and pressure, maybe it’s time to enjoy some well-deserved retirement? If you’re planning to retire and put your feet up, put some thought into factors such as financial planning, hobbies you might want to explore and travels you might want to go on – ensuring you have a comfortable lifestyle.
Invest in other businesses
If you want to keep some business interests alive, why not explore opportunities to invest in other businesses or new startups. This can provide a source of income and allows you to stay engaged in the business world, using your wealth of experience and management skill to guide other promising companies.
Start a new venture
If you’re itching to try another new business idea, why not use the profits from your sale to found a new business or venture. This might be a new private business, or even a social enterprise that reflects your current passions and interests. Having learned your mistakes first time around, you have the knowledge and experience to turn business #2 into another great success story.
Become a non-executive director (NED)
If you don’t want the hassle of being the boss, but want to keep your hand in, becoming an NED makes good sense. You can use your experience and expertise to contribute to the governance and strategic direction of other companies, while keeping your own business skills fresh and up to date.
Get philanthropic
Why not use your wealth and new-found free time to do something good for your community? Think about giving back to society through charity work, philanthropic activities or setting up a social enterprise. It’s a fulfilling way to make a positive impact while also giving you a challenge to get your teeth into.
Talk to us about planning your post-sale lifestyle
Some ex-business owners enjoy the comforts and relaxation of retired life, while others get itchy feet and want to return to their entrepreneurial roots as soon as possible.
Talk to our team and tell us about your post-sale plans. We can help you plan your lifestyle, set up your wealth management strategy and open up new business opportunities along the way.
