Selling a business is a major milestone in life. After such a momentous occasion, you may be wondering “What do I do now?”. This article will provide you with a comprehensive checklist of what to consider and do after you sell your business.

What to do after you sell your business?

After selling a business, it is important to plan for your family’s future. This includes making a will, adding a living will, reviewing beneficiaries, providing for child guardianship, and forming trusts.

It is also recommended to take time off to rest and contemplate. This is a time to take a break and re-energize, and to reconnect with family and friends. It is also beneficial to evaluate your values and identify what is of utmost importance to you.

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

When deciding what to do after you sell your business, it is important to create a budget for yourself and put some money into an emergency fund. You should also discuss your next steps with a professional business broker. Some ideas for what to do next may include:

  • Choosing the right path for your next venture: Focus on personal fulfillment, start or purchase a new company, or stay on in an advisory role.
  • Sharing with others: You can seek out others to share the experience with and tell them how much you value the moment.
  • Memory building: Take photos of the business, create a memory book, or write a blog post about the journey.

The need for a post-sale plan

Once you have decided what to do after you sell your business, it is important to create a post-sale plan. This should include taking time off to rest and contemplate, re-invigorating relationships with friends and family, and identifying values that are of utmost importance.

Conclusion

Selling a business is a major milestone in life. After such a momentous occasion, it is important to plan for the future and evaluate what is of utmost importance. Utilizing the “I Sold My Business, Now What?” Checklist above can help you identify what to do after you sell your business. For more information, visit Atlantabusinesses.com, a great resource for answers to all your questions about selling a business and about business brokers.

What happens to people after they have sold their business?

At this stage, post-sale entrepreneurs typically look into the arts, government, education, counseling, and philanthropic and commercial boards. This could involve going back to something they already know or picking up something new. Additionally, founding another company and engaging in angel investing are popular options.

What are the ways to avoid paying taxes after selling my business?

Negotiate carefully when selling your business to avoid capital gains tax. Consider an installment sale, pay attention to the timing of the sale, sell to employees, or explore reinvesting in an Opportunity Zone.

What are the best ways to invest the money I received from selling my business?

Here are some strategies to reduce your tax bill: structure the transaction in a way that is beneficial; look for capital gains treatment; offset any losses you incur on other investments; investigate tax-free investments; make charitable donations; give gifts; maximize contributions to an IRA or other retirement plan; and prepay your state and/or local taxes.

What happens to the bank account when a business is sold?

In conclusion, it is best for sellers to keep in mind that the cash in the bank is usually theirs to keep – representing 99% of the time. This should be taken into account when calculating their total net proceeds from the sale, after accounting for taxes and closing costs.