Selling your business is an exciting and rewarding conclusion to an entrepreneurial adventure that has perhaps consumed much of your adult life. A significant part of your sense of identity and self-worth might be closely associated the business that you are now about to transfer to someone else. As you consider how you will respond to the typical post-sale letdown and uncertainty about the future, here are a few suggestions that might help you navigate this monumental transition:
- Resist the urge to immediately start another business. Give yourself some time to assess your options and identify clear goals for yourself—personally and professionally. You will be more likely to make better informed decisions and have a more successful transition to the next chapter of your life.
- Think outside the box. When you sell your business, you will likely have to sign a noncompete agreement preventing you from starting a new venture in your same industry and geographic area that would compete against your old business. This will force you to consider new ideas and business opportunities in industries that you had either never thought of or had time to pursue to any meaningful degree when you were busy building and managing your old business.
- Consider social entrepreneurship or community service. Social entrepreneurship (also known as conscious capitalism) is a popular term for engaging in business not just to make money, but also to serve a socially beneficial purpose. The possibilities are endless. Great information and resources on this growing movement can be found here. If, on the other hand, you generated enough cash from the sale of your business that you no longer need or desire to work, then focus on philanthropy and community service. There are over 40,000 nonprofit organizations scattered across Virginia, mostly small, volunteer-based organizations that are always searching for energetic volunteers and board members.
In short, when contemplating your next adventure after the successful sale of your business, you have more options that you may have previously considered, so take some time for personal reflection and strategic planning for your life after closing.
Need help structuring and documenting the purchase or sale of a small business in Virginia? Contact Perkins Law anytime for a free consultation.