Selling a business is a major milestone for business owners. After the long hours and hard work of creating and maintaining a successful business, entrepreneurs are often left wondering, “What do I do now?”. In this article, we’ll explore the ways to make the most of the post-sale period and set yourself up for success.

What to do after Selling your Business?

After you’ve sold your business, it’s important to take time to reflect and celebrate the accomplishments you’ve achieved. This will help you to move forward with clarity and focus. Then, you’ll need to develop a mission for what you wish to accomplish after selling your business. This could include setting financial goals, establishing your desired lifestyle, and focusing on personal fulfillment.

Once you have a clear mission, you can decide which path to take. Some options include starting or purchasing a new company, staying on in an advisory role, or taking some time off to rest and contemplate. It’s important to keep your family’s future in mind when making this decision. Make sure to add a will and living will to your estate plan, review beneficiaries, and provide for child guardianship if necessary.

The “I Sold My Business, Now What?” Checklist

After selling your business, here are some steps you should take to ensure a smooth transition:

• Create a budget for yourself
• Put some money into an emergency fund
• Discuss your next steps with your financial advisors
• Take time off to rest
• Try new things
• Reinvigorate relationships with friends and family
• Identify values that are of utmost importance

Should I Stick Around After Selling My Business?

This is a personal decision and will depend on the type of business you sold, the reasons for the sale, and the plans you have for the future. In general, we recommend taking some time off to rest and contemplate. This can help you to gain perspective and create a plan for the next phase of your life. Trying new things can also be a great way to get inspired and find new opportunities.

No matter what path you choose, is a great resource for answers to all your questions about selling a business and about business brokers.

When selling a business, it’s important to take the time to plan for the future and determine what the next steps will be. Taking time to reflect and celebrate your accomplishments, making plans for your family’s future, and creating a financial plan are all crucial steps to take. Once you have a plan in place, you can decide whether to start a new venture, stay on in an advisory role, or take some time off to rest. No matter which path you choose, can be a great resource for all your business needs.

What is the best way to not incur any taxes when selling my business?

Negotiate carefully when selling your business to minimize capital gains taxes. Look into an installment sale to spread out the payments over time. Timing the sale to take advantage of changes in tax laws can also help. See if you can sell your business to employees, as that may be an option to reduce your tax burden. Lastly, look into Opportunity Zone reinvestment, as it may provide tax advantages for the sale.

Who receives the proceeds from the sale of a business?

At the time of the sale, cash does not have to be a part of the business’s assets. The business owner should keep any money (including bonds, cash, and money in accounts) after the sale. This can be surprising to some.

Would it be beneficial to sell your business?

Selling your business can provide you with the means to achieve your retirement goals, whether that includes paying off your mortgage, relocating, purchasing a new home, or launching a different type of business. Before you make any definitive plans, make certain that the proceeds from the sale are enough to support them.