It’s a day many business owners have experienced – either with enthusiasm or anxiety – the day they sell their businesses. Depending on why or how you plan to sell yours, you may experience a meaningful increase in “liquid” assets under your direct control. Financial decisions may take on more weight. And once the event occurs, there almost always arises a seemingly simple question that is deceptively complex: What now?
How you answer this question will determine whether the wealth ultimately creates new obstacles or enables you to achieve other goals. The best advice: be well prepared and rely on a professional team you trust to help you respond pragmatically throughout the process. The following steps can help.
Before the Sale
During the Sale
After the Sale
Enjoy your New Beginning
Beyond the financial ramifications are emotional ones. Even though you’ve met and approved the buyer and settled all the major terms, the business you’ve nurtured for years will officially belong to someone else. You may alternate between elation and sadness, a sort of bittersweet feeling as you start a new chapter in your life. Communicate your feelings with those closest to you or those who’ve experienced a similar event so they may lend their support. But, don't be afraid to enjoy all you’ve earned – think of it as the new beginning of a life made better by your own hard work and planning.