If you have landed on this article then you’re likely looking for some advice around selling your business. You will have probably found that there is an abundance of information online on knowing when the right time to sell your business is and how to find the right acquirer for you but often, there is less guidance on what to do once you have signed on the dotted lines and your business has been sold.
There are plenty of companies such as industry top cat, BCMS out there to proactively and professional point you in the right direction but if you want to do a bit preliminary research before reaching out to the experts, you’ve come to the right place. Here, we are going to look at just a handful of the doors that are opened to you after selling your business and discuss three of the most popular avenues other entrepreneurs just like yourself go down post-sell.
Get involved in a brand new venture
As is true for many (if not most) businesspeople and those of an entrepreneurial disposition, you might find it hard to just take your foot off the gas and exit the world of business. If this is the case, a great choice for you would be to invest some time and money into a brand new venture. This maybe a new venture of your very own, or getting involved in something somebody else is running that might particularly inspire or attract you.
Take on a directorship at the company
Similarly if you know you are going to struggle detaching yourself from something you’ve worked so hard to build up full time, you could always negotiate an alternative place in the business. While it might be owned by somebody else who will be running the operation in place of you post-sale, there may be the chance for you to step into a director or mentor role. After all, it’s you who knows the business inside out. Of course, this would be totally subject to your buyer and dependant entirely on your agreements. If this is something you’d be keen to pursue, you should probably be completely transparent about it from the start.
Seek help from a financial professional
As the saying goes, most things are best left to the professionals so during the post-sale period, it’s always advisable to enlist the help of a financial expert. There is going to be lots of paperwork to deal with and plenty of documents to get in order so getting a professional on board will lighten your load. You’re going to want to work out what to do with your newfound capital so speak to somebody who can best advise you. From ISAs and funds to direct investments and saving accounts, there will be copious food for financial thought.
Now that we’ve shared our advice with you (with a little help from the experts too), we’d love to know if you have any tips or guidance that you’d like to share with us yourself. Maybe you’ve read a great piece of advice somewhere, or maybe you’re in the post-sale period yourself and want to let us know what it’s like. Whatever your views, why not share them over on Twitter using the hashtag #SellSavvy.