Life Beyond the Business Sale

The sale of your business is going ahead and the one thing you can be sure of is that the future is going to change, significantly. What are your plans? Here are some ideas to think about.

Start all over again

It may seem strange but many owners look to start a business again from scratch.

Many miss the ‘buzz’ and the excitement of building something new and, with a comfortable financial buffer behind them, they decide that their best plan is to put their knowledge and experience of business to good use.

Family time

The dedication, commitment and sheer hard work it takes to build a successful business can come at the expense of time with your family.

Of course, this time can never be recovered but, when they sell their companies, many owners recognise they have an opportunity to devote more attention to doing things with their family.

“I never had time to…”

Having sold up you will have not just the time but also the means to pursue your favourite leisure activities.

During your career you’ve probably had to make do without long holidays, you won’t have been able to attend as many leisure events as you would have liked and you haven’t been able to pursue your hobbies.

Putting your feet up

The demands of building a business have meant a life of non-stop pressure and hard work. Selling your business will allow you to do something you haven’t done for a long time – relax. And who can blame you?

Without all the pressure you can do whatever you like each day – even if that is nothing at all!

You’re in the money!

A large influx of cash raises the question: “What should I do with it all?” Assuming you don’t immediately spend it on fast cars, boats and a property in Dubai this poses a conundrum.

You will probably need to set aside some money for retirement but how should this be invested and what should be done with any surplus?

You can manage your finances yourself or use a wealth management company, which is experienced in assisting people like you. The important thing is to get advice from a wide range of sources and to take your time before you decide. You now have a myriad of options, including things you probably haven’t heard about, such as SEIS investments (investments in start-up businesses which offer tax breaks).

Become an investor in a business!

Having sold your own business you might want to start investing in other people’s companies so that you get the kick out of being involved but don’t have to do all the work!

For many businesses, your experience of building a successful business could offer them an invaluable opportunity to avoid the mistakes often made by owners of growing companies.

Firm Gains view

“Once you have sold your business you can choose whatever future you desire for yourself and your family. Be smart and choose where to take risks, and where to play it safe.

“Depending on your time of life, your family commitments, desire for a continuing business role and other interests you can do whatever you like. The future is now entirely in your own hands. Whatever you decide – enjoy it!”