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Making Plans For Your Personal Circumstances After Selling Your Company

Gold Watch for RetirementIt is very easy for a business owner caught up in the cut and thrust of selling their business to neglect to plan for their own personal circumstances after the sale.

So What Are The Personal Considerations That Need To Be Planned For?

Wealth Management

If the sale goes well you will suddenly have a large increase in your liquid personal wealth. You need to think through the implications of this. Appoint an Independent Financial Advisor who will help you structure your money in a way that produces enough income to meet your needs and aspirations. They will also advise about the best way to structure your funds and personal legal arrangements to minimise taxes for you and future generations.

Lifestyle Planning

Emotions play a huge part in the process of selling a business that has absorbed the majority of your waking hours for many years. If you’ve agreed to stay on for a period after the sale you will need to adjust to a new role and responsibilities, but even this will come to an end and you need to start thinking about life after the sale. It may well be that your social life and social status have revolved around the business and its associated trade for many years. Your interaction with this part of your life is bound to change now you are no longer the owner of a business. Your wife and other family members will have to get used to you being around the house more often. It is not unusual for the newly retired to become depressed if they do not find enjoyable ways to fill their time.

 

If you are interested in finding out more about these and other issues relating to the sale of a private company one of our business sale experts would be delighted to talk to you in complete confidentiality. Click CONTACT ME to book an initial phone conversation or call us on 01604 432964.

 
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