If you own a business, we know you’ve already thought about it. The endgame. Retirement from small business ownership. Travel. New adventures.
Sure, we’ve all had the daydreams. If you are seriously considering selling your business, these daydreams are going to need to take on a more concrete form. Have you sincerely thought about what you are going to do when you leave the closing table?
What do business sellers do when they’ve sold their business? It varies. Some fully retire, some go back to the 9 to 5 game. Others take up volunteer efforts. The most common thread we see, however, is that someone who has owned their own business isn’t very good at sitting around.
If you haven’t had the chance to really consider your post-owner life, here’s what we see most business sellers do – they buy a new business.
Although it might seem crazy, business sellers do typically end up heading right back into entrepreneurship. Most take a bit of time off to do all those things that owning a business won’t let you do – like going on a three week vacation – but then that entrepreneurial itch starts up again.
If this sounds like you, then considering what kind of business you may want for your next venture is something you can do long before you sell the business you have. Maybe you are interested in a different industry, maybe you want to work in the same field but you have another location in mind.
Whatever your thoughts on the matter are, it is a good idea to have a conversation with your business broker about your post-sale goals. This will give you first-crack at any great businesses coming up for sale and allow you to decide how much of the proceeds you would make for the sale of your current business that could be used for the purchase of a new one.
If selling your current business is something in your future plans, think about your post-sale goals. Perhaps a new business would be the best plan for you!
Are you a business seller who is considering buying another business? Are you curious about the businesses that are currently on the market that might be an option for you? Please leave us a question or comment here, and we will be happy to assist you on your next chapter in entrepreneurship.
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