After you’ve sold your business

A lot of people wonder what they’ll do with all the spare time they’ll have once they sell their business. After all these years devoted to the business, you’ve earned some time off. So what do you do? Good question. Here’s an excerpt from my book How to Sell Your Privately Owned Company:

What’s your plan?

After the sale of your company, what do you plan to do – after, of course, entering that healthy deposit in your checkbook? Write it down.

Your personal plan

Remember all the hours and thoughts you spent planning to go into business in the first place? Well, you’ll have to apply the same basic strategies to get out of
business – or at least out of the business mind-set – to have a smooth transition.
Prepare a personal plan to cover this next phase of your life. Regardless of how small they are, start putting these plans into action – immediately. If you plan to travel, buy the tickets. If you plan to jump into a hobby, buy the supplies. If you plan to consult, print your new business cards and start making a few prospective phone calls.
To be a business owner, you obviously have success traits that point to planning and follow-through. Perhaps you might think that you’d like to spend the rest of your life sitting on the couch and watching old movies. But the fact is, you’d soon be dissatisfied with that agenda.
You will have to decide what “having enough” means to you, when you want to stop, when it’s time to move on to something else.
The question, then, is: Where do you go from here?
• What new phase of your life do you want to enter after you have climbed the mountain and reached the top?
• Do you somehow want to stay involved in the business after it’s been sold, working in some capacity with the new owner?
• What are you going to do with all of your money? How many speedboats can
you ski behind?
The answers to these questions may lie in the reordering of your personal priorities. Perhaps you want to put money away for retirement, or invest it for more immediate gain. Maybe you want to begin contributing more to society, get involved in politics, nonprofit boards or charities. Or maybe it’s a time to take an in-depth look at your entire life.

My book, How to Sell Your Privately Owned Company – Baby Boomer’s Edition, has more to say about that.

Copyright © MMIX by ERV Productions Inc. All rights reserved. Except as permitted under the United States Copyright Act of 1976, no part of this publication may be reproduced or distributed in any form or by any means, or stored in a data base or retrieval system, without prior written permission of the publisher.

Eric R. Voth has been a successful business owner and seller since the 1970s. Among other enterprises, he is currently owner of ERV Productions Inc., and author of How to Sell Your Privately Owned Company.

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