How to Make Selling Your Business an Exciting New Beginning
While getting your business up and running was filled with challenges, it was likely also an exhilarating time. You took an idea, built on it, and turned that initial fleeting notion into a successful company that someone now wants to buy when you’re ready to sell.
It’s an exciting time. At least, it should be. You might be wondering what comes next or feeling a bit lost when you think about life without the business you poured yourself into almost exclusively for years or decades.
You’re not alone. Studies from Columbia University have found a majority of entrepreneurs experience loss or a crisis in identity after selling their first business.
However, that doesn’t have to be you. Talking to business brokers at Sunbelt Business Brokers can help you find another path. Here’s how you can make selling your business an exciting new beginning.
Embracing the Change: Seeing the Sale as an Opportunity, Not a Loss
It’s human nature to hold on to what’s comfortable. And you may have an additional desire to hold tight to the business that is your life’s work. Letting go can be hard. But it also may be holding you back from the opportunities that lie ahead.
Consider embracing the change. Allow yourself time to grieve the loss. After all, you might have spent most of your adult life working on your company. Because you care, you may feel sadness. Then, move on. Think about what comes next. What can you see yourself doing after the sale?
Selling your business is an opportunity to reap the rewards of your hard work and pick up something you always wanted to try but never had the time. You can kick off this new adventure by finding out the worth of your company with Sunbelt Business Brokers’ business valuation calculator.
Financial Planning: Setting Yourself Up for Future Success
When you launched your business, you may not have thought about selling it. However, doing so can set you up for success in your business and life.
Financial planning for the day you sell your business can help you identify the targets your company must hit to make it attractive to buyers. If you hit those targets over the years and the offers come for you to sell, you must also have a financial plan for you and your family to deal with the new level of wealth that comes with a large buyout.
Having a plan allows you to focus on the short-term goals of running your company now and provides you with a road map for life after the sale.
Exploring New Ventures: What Comes Next After Selling?
Closing the door on your business doesn’t mean you can’t open a new one. There may be no better time. After you sell your business, you have more time and more money to do what you want. Consider the possibilities:
- Kicking back, relaxing and recharging
- Volunteering or pursuing philanthropy
- Investing in a business
- Starting another business
- Taking up a hobby
- Experiencing new places and people
Consider taking your time to decide your next steps. You can also seek additional mentoring from Sunbelt Business Brokers and let your financial plan guide you.
Talk to Sunbelt Business Brokers to Sell Your Business
Selling your business can be as exciting or even more so than the day you opened your doors. By embracing change, building a financial plan long before you sell your business, and exploring new ventures, you can exit your company excited about your new beginning.
The advisors at Sunbelt Business Brokers have deep knowledge and experience working with small and medium-sized businesses. We can work with you to plan an exit to explore the opportunities that await. Get in touch with us today.