Whatever the reason may have been for selling your company, it’s done and dusted. But you must be thinking: now what?
Stepping away from your business can come as a shock to the system, especially if it was your brainchild, your bread and butter, and your entire professional life for a very long time. Leaving the company can be difficult, given the time and energy you would have put into it in the first place, but this doesn’t mean that your life stops now that your connection to the business has.
There is plenty to do to prolong your professional career going forward; here are some things you can do with your new-found time now that you are a free (wo)man.
Take a break
Your career as an entrepreneur might have left you with little time for yourself and your personal interests, so taking a break and switching off altogether in a post-sale scenario might be completely worth it. This might be an option if you were considering retiring in the near future, and channelling your concentration to your hobbies can bring a nice, calmer change to your life in comparison to your professional life.
Consider travelling and spending more time with your family – definitely a well-earned reward for all the hard work you’ve put in while you were at the helm of your business.
If business runs in your veins, leaving your old business might just give you the opportunity to start a new one. The funds you received as a result of selling your company can be put towards starting a new venture.
More often than not, this is the most popular reason for selling your company, as it gives you the financial backing required to pursue a new venture without any monetary constraints. The money could be put towards funding a new passion, a new product, or even to help you turn a pastime into a full-time job.
Put your money back in
Selling your business doesn’t necessarily mean that you have to step away from the world entirely; your improved financial situation can be extended to invest in companies you may not have previously even considered. The major benefit of investing in a company is that you can choose how involved you wish to be, and what kind of business it is at all.
Not only will this method allow you to stay sharp in the business world, but you will also be giving young and budding entrepreneurs a financial leg up in the industry.
Get back into your old company
Going back to your former company as a consultant or as part of the management team can allow you to continue to work in a familiar environment without the pressure of “owner” attached to it. In most cases, new owners would probably welcome the old boss to stick around, so they have someone with experience and expertise on-site to show them the ropes.
Far from being an uncomfortable prospect, working in this capacity will offer you a fresh perspective, and will allow you to continue building upon the empire that you recently left, to ensure things don’t go south on your watch.
Don’t be put off by the unknown of a post-sale world; there are many avenues through which you can continue working and contributing to the business world, or you can simply enjoy a slice of freedom and unwind in whichever way you please. In either case, the opportunities are endless.