Business Owner Series: Part 8 of 9
Life after your business sale
Chris Broome – Chartered Financial Planner
Selling a business can be a significant milestone in a person’s life. It can also be a time of uncertainty and change. Here are some things to consider when planning for life after a business sale:
1. Financial planning: After a business sale, it’s important to have a plan in place for managing your finances. This includes budgeting, saving, and investing for the future.
2. Retirement planning: After a business sale, it’s important to have a plan in place for retirement. This includes determining how much money you will need for retirement, and how you will generate that income.
3. Career planning: After a business sale, it’s important to have a plan in place for your next career step. This can include starting a new business, returning to the workforce, or pursuing other interests.
4. Estate planning: After a business sale, it’s important to have a plan in place for your estate. This includes creating a will, setting up trusts, and identifying the best way to pass on assets to loved ones.
5. Emotional planning: After a business sale, it’s important to have a plan in place for dealing with the emotional aspects of the sale. This includes dealing with the loss of a business and the changes in relationships with employees, customers and suppliers.
6. Health planning: After a business sale, it’s important to have a plan in place for your health. This includes taking care of your physical and mental health, and making sure that you have the right insurance coverage.
7. Travel and leisure planning: After a business sale, it’s important to have a plan in place for travel and leisure. This includes identifying the places you want to visit, the activities you want to do, and the hobbies you want to pursue.
8. Networking: After a business sale, it’s important to have a plan in place for networking. This includes maintaining relationships with old contacts and building new ones.
In summary
Overall, life after a business sale can be a time of uncertainty and change. It’s important to have a plan in place for dealing with the various aspects of life after a business sale, including financial, career, emotional, health and leisure activities to ensure a smooth transition.
Next steps
Please get in touch to discuss your business and the steps you can take to create long-term stability.
Coming soon! Part 9 of 9: Planning for young business owners
In the next blog in the Business Owner Series, you can read about the importance of financial planning in running a successful business, especially for young business owners.
