What Next After Selling Your Business?
After successful commercial business sales Poway, most entrepreneurs end up making mistakes that cause them to misuse their earnings from the sale. At So-Cal Business Brokers we understand how easy it is to make mistakes with the lump sum in your hands. This is why one of the things we do is advice our clients on how to proceed after liquidating their business. Our team recommends you have three key things; a plan, your liquidity needs and what you are ready to risk. These are the things you need to achieve a successful transition from business liquidation to the successful redeployment of your assets.
Have a plan
The key to long-term success after liquidating a business is knowing how to deploy your assets and how to maximize the benefit. What this means is that you need a plan on what to do next. The best time to come up with this plan is long before the conclusion of commercial business sales Poway.
In our experience, we have found that not having a plan causes the money earned to disappear. Often times, successful business liquidation feels like winning the lottery or inheriting a huge sum of money. Statistics show that 44% of lottery winners spend their winnings within 5 years. The average inheritance, on the other hand, is spent in just 17 months. We encourage our clients to have a solid plan for what to do after selling their business in order to avoid becoming a victim of these types of statistics. Our in-house team can help you come up with a sound action plan for how you will redeploy the assets.
Look at your liquidity needs
Prior to redeploying 100% of the assets, it is important that you make serious decisions on your long-term liquidity needs. With the money in hand, you have the perfect opportunity to clear your debts, diversify your exposure, take a short break to ensure you maximize whatever you will do next. The key is to not redeploy your assets without serious consideration.
Determine the level of risk you want to take
In this third step, you have to determine the level of risk you want to take. Our in-house financial advisers can help with this. We consider your age, goals as well as quality of life when determining how much you should invest.
At So-Cal Business Brokers our mission is not just to help you sell your business fast but to ensure you and your business continues to excel long after transferring ownership. We have your best interests at heart. Give us a call today for more information on commercial business sales Poway and for expert financial advice.