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    5 Replies Latest reply on Mar 28, 2014 9:39 AM by Moderator Melinda

    Your Business is Sold, Now What?

    bizlistings Adventurer

      I'd love to hear some feedback on what people do once they have sold their business.

       

      Did you retire, travel, re-invest, etc, etc.

       

      This article might help those people who have just sold, and wondering what their next move should be:

       

      Life After Selling Your Business | Biz Listings Blog

        • Re: Your Business is Sold, Now What?
          Ranger

          After the business is gone is an area rarely discussed , so I'm glad you posted this, bizlisting.  Have you ever sold a business ? What did you do aftewards?

           

          Joleen

            • Re: Your Business is Sold, Now What?
              bizlistings Adventurer

              Yes I have personally sold businesses before, but being an entrepreneur I immediately started searching businesses for sale again.

               

              I also own a business for sale website at Biz Listings (.com.au) so I frequently chat with business owners who are selling to retire, moving on, family reasons, bigger opportunities, illness, etc.

                • Re: Your Business is Sold, Now What?
                  Guide

                  Most people I know (including my parents) sell or pass their businesses on to their children so that they can retire and share the continued fruits of their labor with family members (which I can totally relate too). My parents spent their golden years traveling, enjoying their grandchildren, and doing what ever it is that they wanted too. Ironically, they also spent some of their time advising my brother (the proud owner of the family business).  

                   

                  Being self-employed and starting from scratch is extremely difficult to do. When your time comes to kick back and enjoy your decades of hard work, the last thing you want to see is it all fall to pieces. I know that I will follow my parents foot steps when my time comes to retire.



                  Melinda

                    • Re: Your Business is Sold, Now What?
                      bizlistings Adventurer

                      Hi Melinda,

                       

                      Your situation is another route small business owners can, if they are in the position to do so.

                       

                      I personally found myself in a very similar situation about 15 years ago when my parents decided to retire and travel, offering me the reins!

                      Grateful for the opportunity, I decided to take my own professional path and my parents both understood. There were no hard feelings.

                • Re: Your Business is Sold, Now What?
                  pauljoachim Scout

                  All the people I know started a new business ...

                  • Re: Your Business is Sold, Now What?
                    Uncle Leon Tracker

                    I can't imagine (and I speak from experience) that the business owner hasn't thought, many times, of the various things he would like to pursue IF he wasn't doing what he was doing.

                     

                    Here's what I suggest:  Take a vacation.... a REAL one.....no phone calls...no internet.... Relax and have fun.  Make love....play with your kids...tour Europe.....learn to fly (etc.)

                     

                    THEN, take a post-vacation vacation.  Think about all the things you've considered previously.  "Measure" them against your current situation.  (Are you now older, have less interest, changed your goals, etc.)

                     

                    "Close in" on a couple of options you may want to pursue.  After careful consideration. - Go for it.

                     

                    About retirement:  I'm there now....but I'm 74 years old.  And, fact is; I still wanna be "in the game".  However;, recognizing my limitiations, and anticipated life span; I'm limiting myself to being an investor.

                     

                    You can only watch so many old western movies before retirement is boreing.  and, once you've been to the end of the internet....then what.?

                     

                    Life is interesting when you're PURSUING something.  Achieving an "end" goal isn't the exciting part. - It's

                    the pursuit.

                      • Re: Your Business is Sold, Now What?
                        Guide

                        I have recently read an article that supports Uncle Leon's thought process in many ways. I am not in my 70's or even near retirement age, but I have already begun to re-think what it is I may want to do when I get there. Reading these posts and the several different articles I come across has helped me to realize a few things about myself, family, business, retirement, and longevity. I am very active in what ever I pursue. For me, I believe, would be a very unwise decision to retire and just hang out. As Uncle Leon pointed out, boredom is counterproductive. Many statistics show that those of us who still pursue some type of interest, whether it be business, volunteering, or a cause, tend to live a much happier and longer life. I do remember that my parents enjoyed it very much when anyone of us allowed my parents to help us with our own businesses. Thinking back, it's almost as if they came alive again. So, I thank all of you for sharing your opinions on this interesting topic. You may have just helped me and I am sure many others, re-think the future, in hopes that one day, I too will be a part of that wonderful statistic.