New Jersey Business Brokers: Article About After I Sell My Business
Business owners who have a successful sale are often left wondering what to do. If you made a clean break from the business, you may not know what to do with the sudden free time. Fortunately, most business owners have the skills necessary to start a new venture or use the profits from the sale to retire or take some time off.
An exit strategy is imperative to your business plan. Since most business owners know that one day they will sell the business, knowing how you'll leave the business and what you'll do once it's sold is important to the success of your sale. If you have no current exit plan, talk to our New Jersey business brokers who can review your business goals and help you create an exit strategy.
Fear can keep you from selling your business, even if you have a buyer in front of you willing to pay the asking price in cash. It's the fear of the unknown that can have you turning down great offers and regretting it later. When you create a plan for the post-sale, you're reassuring yourself that not only will selling be a positive thing, but you will now be able to move onto your next project. If you're so wrapped up in your current business, it may be hard for you to separate yourself from the company and picture yourself doing something else. But without the possibilities in front of you, the stress caused by uncertainty can hamper the ability to sell.
Many sellers stay on board as key consultants for a period of time after the sale of their business. They either act as consultants, training managers, or regular employees.
The business brokers from Selby Associates of New Jersey would be happy to answer any question you have about business advisory services or business mergers.
It's a way to earn a salary while working in a field and business you're already familiar with. If you don't stay on with your old business, you could become a consultant for the industry, so long as it doesn't conflict with the terms of your sales contract.
You may have sold because you want to experience something new. Maybe you want to open a new business or start working from home. Using the capital from the sale, you can invest in a start-up or create a home office and market for clients. To keep cash coming in while you're getting started, you can offer consulting or training services to the new owner of your old business on a part-time basis.
If you are interested in this option, it is important to tell your business broker about your anticipated plans so that the non-compete clause of your sales contract is appropriately drafted.
You may be able to take most of the money earned and invest it into a retirement account or another investment account. You are then free to pursue a career you truly love because you know that your future is secure with the money invested from the business sale.
If you already have plans to retire after you sell use the money towards your retirement. This can include investing some of it, spending some of it, and saving the rest. You may also be able to offer your services to the old business on a part-time basis during your retirement.
Once you sell, it's really up to you what you want to do with your time and money.