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.
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.
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.
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.
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!
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).
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.
“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!”
Explore the options available to you, improve your chances of successful sale.
If you’re seeking a business to buy, then we can increase your deal flow.
In the early stages of such an important undertaking, it can be a bit of a moral maze: who do you trust?
Firm Gains gave me confidence with detailed advice and support. I would recommend their services to other entrepreneurs seeking to buy a business.Mr T Washington , Founder
I found it much easier to get my head around a business sale this way than talking to my accountant. You speak a language I understand!
Even though the whole process of selling seems daunting, I’ve got more confidence that I’m heading in the right direction.Mrs T Boothe , Founder
Thank you for your email and the excellent advice provided earlier this week. It was immensely helpful and has helped me to plan my future direction for the practice.
I would have no problem whatsoever in recommending your services in the future.Mr & Mrs Halldron , Co-Owners
Firm Gains were recommended to me and I was not disappointed. They were efficient, helpful and effective responding quickly to my request with all the facts that were needed to ensure a stress-free dialogue with our buyer.
What really helped was the advice over and above the valuation, which was immensely valuable and gave me the confidence to proceed. I would not hesitate in recommending them.Mr C Waite , Founder
We found the advice invaluable, which was clear and concise and felt your firm had a good handle on market trends and business sectors.
With also the backup of the secondary services, there was a feeling you had all bases covered if we wanted to proceed with our exit via Management Buy Out (‘MBO’).Mr D Wills , Director
Thank you for your advice. I was just about to sign up to the wrong kind of business agent for a company of our size, but read your post just in time.
I found a more serious partner, with experience in our industry and we’re already using the same language.Mr F Summerscale , Managing Director
We have been greatly impressed by the clear and impartial advice given to us by Firm Gains. After just an initial phone call we felt much better informed, with a new awareness of the many options available to us.
Firm gains understood our situation quickly and clearly and were anything but ‘pushy’. Refreshing compared to what we’d experienced before.Mr C Hutcheson , Managing Director
We are based in the Centre of Reading. Two minutes from the train station and just south of the river. You can reach us at the office, by phone or email during working hours from Monday to Friday.
Click here for directions
Reading Bridge House