28 Aug Around the Web: A Week in Summary
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A recent article from Entrepreneur entitled “You Sold Your Business. Now What? Embracing a New Chapter with Care and Purpose” discusses seven key takeaways after selling your business and what you should expect.
- Celebrate and reflect: Take a moment to celebrate your achievement, then, reflect on the valuable lessons learned, the challenges you overcame and the impact you made on your employees, customers, and community.
- Embrace change and adaptation: Recognize that transitions can be challenging, and it’s natural to experience a range of emotions. Allow yourself the space and time to adjust to this new phase of life.
- Reconnect with your passions: Whatever you’re passionate about, rekindling those aspects of your life can bring immense joy and fulfillment. Allow yourself the freedom to explore and rediscover what truly brings you happiness.
- Seek support and mentorship: Reach out to friends, family and mentors who can provide emotional support and guidance during this transition. Share your thoughts, concerns, and aspirations with them.
- Set new goals and challenges: It’s time to set new objectives and embark on fresh endeavors. Reflect on your personal and professional aspirations and craft a vision for the future that excites you.
- Learn and grow: Embrace opportunities to expand your knowledge and skills. Attend workshops, conferences or online courses that cater to your interests.
- Find a higher purpose: Explore avenues where you can utilize your skills, expertise, and resources to create a lasting and positive change in the world around you.
A recent article from Forbes entitled “Selling A Business? Brokers Share Tips On How To Maximize The Sale Price” discusses several tips that business brokers have shared on what to do and what not to do when selling your business.
Consider the following tips:
- Start thinking about selling your business early – really early.
- Make your business more sellable later by getting advice now.
- Know what your business is worth.
- Work with a broker and their advisors to understand a typical deal structure in order to maximize cash at closing.
- Fully understand the terms of the deal before closing.
- Exit planning is not the time to do it yourself – assemble your team of advisors.
A recent article from IFA Magazine entitled “Approaching Retirement – is it time to sell your business?” discusses the importance of planning ahead for the sale of a business. Timing is everything, so it is important to be ready when the right time comes along.
Important considerations in planning for the sale of a business include:
- The business sale process typically takes 6-12 months
- It is wise to plan at least 2-3 years in advance of your target sale timeframe
- Current economic conditions and market conditions can affect timing
- A business valuation is critical
- Utilizing experienced advisors can help foster a successful sale