After
selling your business, you have a relieving feeling that the selling process is
finally over. It has not been easy but you have finally made it. Now you're
wondering what to do next. There are several different thoughts in your mind
about assisting the new owner in running the business. But is this something
worth doing? Keep reading to see what to do after you sell your business.
If
you are considering sticking around after selling your business, first you need
to evaluate your reason for why you wanted to sell your business in the first
place. If your reason for selling is mainly financial, then staying in a
different role could be a good idea. If you were burnout and unmotivated so you
decided to sell your business, then staying at the business could continue your
burnout. Staying at the business for a while to assist the new owner could
increase the selling price of your business since you know the ins and outs.
If
you decide to stay at the business, you need to prepare yourself that you will
no longer be in charge. Now that there is a new owner, you must execute their
wants and ideas for the business. It can be a difficult adjustment. You will
need an employment contract to become an employee under the new owner. You will
be able to receive a salary and potentially benefits through your new role in
the company.
Another
option is a consulting contract where you act as a consultant to the new owner.
Your compensation is based on a certain number of hours per month with fees,
which varies from contract to contract. This is the most common agreement used
in this type of situation. As a consultant, you will be answering questions and
providing input instead of working under the new owner.
To
prepare yourself for life after selling your business, whether you decide to
stay or not, take time off to rest and try new things. Owning a business can be
extremely stressful so that time to relax and decompress. With your newfound
spare time, try out different hobbies or even a new business venture.
It
can be difficult for entrepreneurs to transition to a different lifestyle after
selling their business. After years of hard work, selling your business can
leave you feeling like you no longer have a purpose. Taking time to find your
purpose and explore areas that interest you is significant in building your new
lifestyle. The transition period after selling your business should be a
learning experience.
If
you need assistance after selling your business, reach out to us at Genesis
Financial Group. We are here to help you transition to your new lifestyle after
selling. Call us to get started today!
Sources:
https://tokenist.com/sold-business-now-what-after-the-sale/
https://www.bnymellonwealth.com/articles/strategy/life-after-selling-your-business-whats-next.jsp