What are you going to do when you exit or sell your business

Have you considered what you are going to do when you sell or exit your business.

If you, a business owner has built a successful business and are starting to prepare to sell your business, you would  normally focus solely on getting the business in excellent shape before selling it. Obviously, that is very important as that allows you to get the most money for that business on exit, but it is also very important to look at what happens after you sell the business. So have you considered what you are going to do when you sell or exit your business.

What are you going to do on the day you no longer need to go into work to that business.

Also Tax issues, legal matters, and of course you own personal goals and priorities come into play.

Tax Issues

Paying tax is unfortunately one of the inescapable facts of life. Its is very important that when you sell you business you have structured the deal in the most tax efficient way. It’s important to understand the implications of selling you business and how to minimise your costs. There is capital gains tax of 33% in Ireland.  You can learn some more about this here. Revenue.ie

Legal Issues

Usually when you sell your business, you may have an earn out contract in place in that you will have to stay on board maybe a day a week or give some of your time to the company for important customer meetings. You may not be able to start another business in the same area of business for a number of years. So its important you understand these obligations that affect you when you sell the business.

When you have sold the business, you may want to stay in business. Maybe you are not ready to retire or take some time off.

Starting another business

For some entrepreneurs, the thrill of building a business never fades. If you’re itching to dive back into the world of startups, selling your current business could be the perfect opportunity to start fresh with a new venture. You may have seen an niche opening when running your business that you though you could provide a better solution for.

Lots of business owners sell a business and start a new one to get back working again as they get bored quickly.

Consulting or Mentoring

Your years of experience as a successful business owner are incredibly valuable. Consider leveraging your expertise by offering consulting services to other entrepreneurs or mentoring aspiring business owners. Sharing your knowledge and insights can be a fulfilling way to stay engaged in the business world while also giving back to the community.

On the other hand, if you are at the stage where you want to take some time out. Maybe its time to do some of the below.

Retirement

After years of hard work and dedication to your business, retirement might be calling your name. Maybe you just want to kick back, relax, and enjoy the fruits of your labour. Whether it’s traveling the world, pursuing hobbies, or simply taking it easy, retirement could be the perfect next chapter for you.

Travelling

Do some travelling. Selling a business can be a stressful and time-consuming process. Once the deal is done, why not treat yourself to a well-deserved holiday? Whether it’s a luxury beach resort, a cultural adventure, or a road trip with your loved ones, taking some time off to recharge your batteries could be just what you need.

Spending time with your family

Running a business often means long hours and sacrifices when it comes to family time. Selling your business could provide you with the opportunity to reconnect with your loved ones and create lasting memories together. Whether it’s family holidays, weekend getaways, or simply being present for important milestones, prioritising family time can be incredibly rewarding.

Ultimately, the decision of what to do after selling your business is a deeply personal one. Whether you choose to retire, start another business, take a holiday, spend more time with family, or explore other opportunities, the key is to consider what will bring you fulfillment and happiness in this next chapter of your life.

Embrace the possibilities and make the most of this exciting new phase!