Tuesday, August 26, 2008

Life after you sell your business

Life after you sell your successful business has its own challenges as it often releases you from some financial insecurities and pressures. But this event adds other challeneges as one learns how to spend the new found wealth and live with the new rules. Most of us go on to sell our businesses creating wealth and unexpected headaches. The headaches come with new responsibilities and change in directions our careers take. Some of us become employees of entities that bought our businesses. Most of us will fail to flourish in this new environment and will bail out within two years. So choose your partner (buyer of your business) well and plan well ahead what you want to do next before you hand over the reins to new management. Explore your options for your life and career after selling your business and make sure you can handle what some of the consequences are, if not you are in for a shock. Knowing you will leave the parent company within two years should provide you with peace of mind and opportunity to plan ahead for your next move. Many of us like I get back out to start new businesses. But remember the same start up rules apply and having funds of your own to invest does not ensure long term success of the new venture.

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