Pause. Take a deep breath… smile! After years of hard work, the moment has arrived for you to receive the payout for all your hard work and dedication to the growth and development of your (now prior) business.
This is a significant life event, but also comes with various financial, legal, and personal implications. The IRS is the first in line to get their portion of your success. After that the question becomes “What’s Next?”
For some, the initial plans may include travel, relaxation, and time with family. But just as in business, it is important to define the new vision and purpose for your life. Creating clarity around this will help guide you in the long run to what it is that you do with your newfound time. Mentoring, business coaching, or board positions with entities of interest may be a few considerations. Finding your purpose is the key to the successful transition in your life.
While Behney Management Strategies doesn’t provide specific guidance around this next step in life, we have worked with many owners of companies that have sold and would love to help make connections. Feel free to reach out and learn more.