Life after your business
Your Business Stage
Whether you sell your business to a buyer or transition it to family, you should start making financial plans to support your lifestyle after business ownership long before the sale is concluded.
The sale of your business changes everything. You’ll want a strong plan for this exciting new phase of your life.
Enjoy your new life
Start with a vision of the life you want after business ownership. As an entrepreneur, it’s likely that you enjoy challenge. You like being needed, respected and in-control. It’s unlikely these attributes will change after the sale!
However, unless you start another business, finding the lifestyle that energizes you in the same way may take a while. Be patient. The characteristics that prompted you to build a successful business will serve you well in whatever it is you choose to pursue next.
Finding the right financial advisor
While some business owners possess the expertise and time to create their own financial plan and manage their personal wealth, most seek the assistance of a financial advisor. Finding the right advisor is an important step to prepare for life after business ownership.
Get recommendations from friends and colleagues who are satisfied with their financial advisor, then interview a number of them. The right advisor will not only understand portfolio management, they will take the time to understand you and your needs as well. Find a financial advisor who is:
• Accredited and keeps up to date with ongoing training.
• Working with a team of advisors and therefore offers more depth and breadth of experience than an individual.
• Experienced with clients like you.
Every business owner will define personal success in their own terms. An effective ownership transition plan will be an important tool to help you map out your future to achieve that success.
Scotiabank can assist you in these areas. Talk with a Scotiabank Small Business advisor today.
What are your plans after you sell your business? Will you start again? Please share your thoughts in the comments section below.
By Roger Pierce