It’s a big question and very much top of mind with many Owners. You’ve spent decades living an entrepreneur lifestyle. You’ve asked and answered the question when is it time to sell your business and read all the tips for selling a business. All the succession planning is in order and complete.
Even if you’ve been cutting back the past few years. You know the office is always there waiting to greet you. Whether you created a lifestyle business, a family business or a massive conglomerate it’s up to you to determine how you live the next phase of your life.
But what if you can’t just drop in and shoot the sh#t or catch up on the latest news about the company. For many Owners selling the business leaves a huge gap in their lives. Oftentimes this fear of emptiness is what’s keeping you from selling.
Well I can tell you for sure it is not playing golf every day or constantly traveling. They both get old, fast.
Walking your grandchildren to school is high on the list. So is taking them out to see the world. And yes their parents can come, but it’s way more fun just you and the kids.
Hobbies, interests and passion projects quickly add up. Time with your spouse is great. Especially if you’re not talking about the business. Remember there is a better than average chance your spouse was involved with the company and you may have spent a little too much time talking shop. Now it’s just about the two of you.
The Broad Strokes
Selling a business is often the culmination of years of hard work, dedication, and strategic decision-making. Once the deal is finalized and the ink has dried, business owners find themselves in a unique position of transitioning from the head of their own company to a new phase of life. While some may choose to retire and embrace leisurely pursuits, you may be driven by a burning desire to explore new opportunities. In this blog post, we’ll explore some of the exciting avenues that business owners can consider after selling their company, opening doors to personal growth, and creating new chapters in their entrepreneurial journey.
Reflect and Celebrate:
Selling a company is a significant achievement, and taking the time to reflect and celebrate this milestone is essential. Acknowledge the hard work, lessons learned, and successes achieved along the way. This reflection process can provide closure and set the stage for new aspirations and goals.
Mentorship and Consultancy:Now that you’ve reflected on the achievements it’s time to share the wealth of knowledge gained as a business owner. A rewarding path to consider for sure. Become a mentor or consultant to budding entrepreneurs, industry peers, or even nonprofit organizations. Your insights, expertise, and experiences can guide others on their entrepreneurial journeys, making a positive impact on the business community.
Expand Your Investment Portfolio:
I’ve had many Sellers come back to me to become business buyers of other smaller companies. They consider investing in a business as a wise strategy to retain wealth and pass it along to the next generation. Creating a portfolio of companies has been proven to be a safer wealth management strategy than other traditional investments.
Philanthropy and Social Impact:
Having financial freedom after selling a company can provide the means to make a significant social impact. Identify causes and charitable organizations that resonate with your values and beliefs. Contribute funds, volunteer your time and expertise, or establish your own philanthropic foundation to make a difference in the lives of others.
Personal Development and Education:
Continuous learning and personal growth are essential for individuals seeking to evolve beyond their business ownership roles. After selling a company, consider investing in your own development. Pursue advanced degrees, attend workshops and seminars, or engage in executive coaching to enhance your skill set, broaden your horizons, and explore new passions. Never stop learning.
Travel and Exploration:
For those who have poured decades into building a successful business, the newfound freedom allows for much-deserved travel and exploration. Take the time to recharge, immerse yourself in different cultures, and gain fresh perspectives. Travel can be a catalyst for inspiration, sparking new ideas and opportunities along the way. Travel is also great family time.
Family and Personal Time:
The demands of running a business often leave little room for personal and family time. Use the post-sale period to reconnect with loved ones, nurture relationships, and create lasting memories. Cherish the moments that were missed during the demanding entrepreneurial journey and rediscover the joys of a balanced life.
Congratulations on making it this far in this extensive guide. I truly appreciate your dedication to learning about Things an Owner Can Do After Selling A Business Your suggestions will be taken into account to ensure that this guide is continually improved.
Selling a business opens up a world of possibilities for entrepreneurs. It represents the closing of one chapter and the beginning of an exciting new journey. Whether you choose to mentor others, start a new venture, engage in philanthropy, or pursue personal passions, remember that the journey doesn’t end with the sale—it transforms into a fresh canvas for personal growth, fulfillment, and making a lasting impact. Embrace the opportunities that lie ahead, and let the entrepreneurial spirit continue to guide you toward new heights of success.
I have written this blog and released a list of 75 specific things to do as a starter set. Good luck and make the most of this next phase in your life.
Are you asking yourself how long does it take to sell a business? Or should I sell my business? What are the steps to selling a business and how much do I sell my business for? What is EBITDA and EBITDA margin? Do I need a business value consulting professional to calculate value of a company? If you’re looking for tips for selling a business and increasing your customer base, from someone who specializes in family business coaching and consulting, you’ve come to the right blog.
As a trusted business advisor and sale advisor providing sell side advisory services I appreciate the opportunity to share my years of experience working with Owners just like you who have demonstrated their entrepreneurial spirit for years. In fact you may want to consider our online program ‘Sell Your Business 4 More’. Click on the Eric Gilboord Coach cap above.
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