You’ve worked really hard to secure the deal, now it’s completed and the business belongs to someone else. How will it feel?
Welcome to the seventh and final instalment of our exit strategy series! If you’ve followed all the steps, you’re now embarking on life after the sale of your business. Here are a few key things to consider as you move forward:
Handover Period
You may be committed to a handover period, which may or may not be linked to an additional payment. It may feel strange not to be in charge but try to embrace this phase of the process and make the most of it. The more effectively you hand over the business, the better it will be for both you and the team you leave behind.
Financial Planning
You may have funds available to invest after the deal closes. It’s important to seek sound advice both before and after the transaction to ensure you minimise your tax liabilities and make informed, wise investment choices. A thoughtful approach now can help you maximise the long-term value of your money.
Non-Compete Agreements
Planning to launch a new business? Be sure to review any non-compete clauses in your contract, as they could impact your ability to start a new venture. That said, good luck with the launch of that new business!
Setting New Goals
Consider setting some new goals, whether it’s taking up a new sport, travelling, volunteering, or spending more time with family. Whatever you choose, it’s a great opportunity to focus on what brings you joy and fulfilment.
Talking to Others
Talk to others who’ve sold businesses – everyone’s experience is unique, but you might pick up some gems from them. Running a business is an all-consuming task and to lose that responsibility can have a surprising effect. Your advisors should be able to connect you with someone who’s been through the process, so you can swap war stories!
Key Takeaways
After selling your business, it’s important to plan for the next steps, whether that’s managing the handover, making smart financial choices or setting new personal goals. Take the time to seek advice, connect with others who’ve been through the process and embrace the opportunity for new beginnings.
Get in touch
For more information or guidance on how to navigate your exit strategy, contact Cathy Revis, Head of Deal Advisory, on 02380 332 733 or email cathyrevis@fiandertovell.co.uk