Sell My Business And Retire? Traditional Retirement V. A Discovery ‘Gap Year’ | Business - Source Central

Sell My Business And Retire? Traditional Retirement V. A Discovery ‘Gap Year’ | Business - Source Central

When you successfully sell a business , you have got the luxury of puzzling over retirement. In some cases, therefore, you may simply like an opportunity for a break or sabbatical, not complete and final rejection of what you have got done within the in the last years. Let’s examine how to make a successful retirement lifestyle, and then study a completely different approach: a niche year.

If you’re targeted on a orthodox notion of complete retirement without day-to-day obligations, you’re wise to plan that out. Going from a Type A personality to a Type Z may appear engaging at first, however ultimately entrepreneurs – the supreme go-getters – won’t be satisfied with doing nothing.

Before leaving the business, mapping the activities, courses, books, and individuals you wish to engage will help you focus on your personal prize throughout the difficult process of selling a company. “Understand thyself” becomes an operating principle here. As a business owner, you probably have been charging laborious at goals throughout life. Will you feel fulfilled without one ahead of you? Also, you have greater control over determining your goals once a business is sold. How will you seize the chance for change?

For some, the concept of an endless vacation as a leisure-pursuing aristocrat looses luster after a period of time. To go from 100 miles per hour to 0 will look engaging, but, over time, it could become unpalatable to a former boss who’s accustomed to being who makes things happen. Even in complete retirement , think about our recommendation of dividing life into thirds: atone for things you have put aside, improve your health, and uncover something challenging to devote energies to will make you happy.

There’s another, equally serious reason to ascertain your post-sale life earnestly before selling a company. Absent a vision of life after the sale, your uncertainty could be so disconcerting that it creates unwillingness to selling the business at all. Potential consumers who sense a seller’s reluctance typically back out of the sale, fearing it won’t go smoothly or can stop mid-stride. While not investing time in parsing out what’s important to you and creating an exciting future, you may resist engaging within the selling method or focus solely on the money when greater fulfilling choices or potential consumers may be a likelier fit for your long-term happiness.

A “Gap Year”

Perhaps a “gap year” should be a component of your plan. This is the European and increasingly American college student concept of taking time without work or anything at all for invidual discovery throughout school or before starting a career. Running and selling a business are exhausting, and a pause to rest, to enjoy, and explore may be a wise use of your time. A restorative and contemplative sabbatical might reward you with the prospect to check your next moves before enacting them.

Our proposal to you is that it’s best to place structure around your discovery process. We tend to have recommended putting a flexible limit—a year, for instance—on the endeavor. Again, on a more day-to-day level, contemplate dedicating one-third of the time on activities you’ve put off, one-third on maintaining or building your health, and one-third on actively looking for your personal “next big thing.” Maybe meaning taking courses or meeting people, perhaps partaking a private coach, or seizing different activities that show you how to assess yourself and find new ways to contribute and challenge yourself. It puts a strategic focus on what to become involved with, instead of letting no matter what crosses your path captivate or capsize you. Our purchasers have told us that this approach of thirds offers them a balanced break nevertheless additionally pushes them to outline the subsequent part of life.

I invite you to use these concepts to make your best-life business exit strategy.

Marian Cook is a highly sought after business transition expert and speaker with over 25 years experience helping business owners design their best-life exit strategy, and improve their business performance and valuation. She is the co-author of “Selling Your Business For More: Maximizing Returns For You, Your Family and Your Business” (published by Macmillan). If you are ready to sell a business and jump-start your business sale process, connect with Marian via her free tips, articles, checklists and blog at Business Transition Experts.