I sell my business, what should I do with my time after the sale? For many business owners, at some point it makes sense for you and the company to part ways. Perhaps the company has outgrown you and needs new leadership to thrive. Or it may be because your passion is waning and you feel the work has become a grind.
Either way, you have two options. You can run the business until the day you die, or you can sell it and make use of the time and financial resources you receive in return. Often business owners choose option 2, which means you need to set some new goals. Namely, what will you do when your business is sold? To this end, we have compiled some goals that business owners set up after selling their business.
Buying another business
Some people really need to have their own business. Start something small that doesn't compete with your previous business. Hire the best people right away so you can really limit your involvement. Or help a family member start a business and build the same success you had.
Sharing the knowledge
Another common goal is to share their years of experience. They use the knowledge they have learned over the years to help others grow, in a variety of areas. Some examples include;
- Mentoring: Offer yourself as a mentor to startup entrepreneurs. Share your insights, guide them in making decisions and help them overcome challenges.
- Guest lectures and workshops: Approach local colleges, universities or entrepreneurship organizations to give guest lectures or workshops. You can cover specific aspects of entrepreneurship, such as starting a business, marketing strategies, financial management, etc.
- Blogging or writing: Start a blog or write articles for business publications sharing your experiences, lessons and insights. This can be online or in print media.
- Speaking at events: Participate in conferences, symposia or local events as a speaker. Share your story and give practical tips to the audience.
- Networking: Stay active in business networking and share your experiences at meetings. You can make valuable connections and inspire others at the same time.
- Book writing: Consider writing a book about your entrepreneurial journey, covering successes, failures and lessons. This can be a lasting source of inspiration for others.
Tackle that bucket list
Before your business is sold, draw up a bucket list. What are the top 10 things you want to do? Is there something you want to buy? A place you want to go? Something you want to give as a gift?
As a successful entrepreneur, you have the ability to get both time and money. That's a rare thing, and you shouldn't take it for granted. Perhaps you will miss many things about having your own business after the sale, but the solution is to take your executive role and get to work planning the next phase of your life.
Need more advice on selling businesses?
You want to sell your business. How do you go about that? What steps do you have to take? At Florijnz we know these steps like no other and we are happy to help you. Contact us without obligation and together we will discuss all options.
