Selling A Business And Designing A New Life: 10 Questions To Your Best Future

Just as you wrote a business strategy when you started your business, you have to draft an exit idea or exit strategy before selling it. Beginning with the final outcome in mind, you must thoughtfully direct your future and direct the sale of your business to create that future a reality. Many owners aren’t willing to put their skills, relationships, and experience out to pasture on a traditional retirement after selling their business. As studies show and your already understand, remaining active and engaged in purposeful ways serves to make the brain and body vibrant and fit.

Developing an inspiring vision of the longer term requires you to tackle compelling questions like those listed below. As you undergo them, keep in mind these words from Mark Twain:

“Twenty years from now you may be somewhat disappointed by the memories that you didn’t do than by those you probably did do. Therefore throw off the bowlines. Sail off from the safe harbor. Catch the trade winds in your sails. Explore. Dream. Discover.”

And the discovery method starts by asking yourself queries such as:

1. What does success mean to me now? What is most significant to me in life? What values are important to me?
2. How can I outline my future life in accord with how I currently outline success and my values?
3. What do I need my future life to appear like—both day-to-day, and in the long run? What changes must I make to attain this?
4. What have I enjoyed regarding my work and life and what do I want to continue with, and what to eliminate or disengage from?
5. What other business ventures, concepts and work hold appeal to me? Will I begin to explore those now?
6. How have my priorities modified over time, and what—and who—is vital to me currently?
7. How can I best serve and enjoy my family? What activities do I need to share with them?
8. What would I favor to learn? Do? Where would I like to go? What dreams have been deferred to attend to my business? Is now the time to reignite them?
9. What have I put off that needs my attention currently? What desires less of my attention? What should I say “Yes” to, and what do I say “No” to?
10. How do I need to be remembered and my life celebrated?

Keeping answers to those questions in mind, you have to remember there are a variety of ways to nirvana. Your path may be to remain on with your company, leave quickly, or stay in a role you and the buyer design. Once gone from the business, you will be in a position to enter another, or perhaps you can move into a meaningful nonprofit role, selecting contribution over income. Another selection can be retirement to a life of leisure, which nonetheless you wish to suppose through to make your mind up how days will be spent. Maybe you must put aside time to choose the next option. Taking a break to rest, reset, and explore alternatives before defining the subsequent chapter of your life can be wonderfully attractive.

Looking at your answers, sketch out at a high level the cash required to make these things happen. This becomes part of your monetary requirements for life once finished the sale. If you select a job within your company or out where you may be producing money through work or business -connected income for example assets, approximate what that inflow will be.

You are beginning to breathe life into not just what your future life can seem like, but what amount of money you may have to support it.  Be conservative, and remember that you may would like to take a position continously in your company to intice the payout you want.  When you consider when and the manner to sell a business, your eyes need be firmly set on the life you want once the sale is done.

I invite you to use these ideas to make your best-life business exit strategy.

Marian Cook is a highly sought after business transition expert and speaker with over 25 years experience helping business owners design their best-life exit strategy, and improve their business performance and valuation.  She is the co-author of “Selling Your Business For More:  Maximizing Returns For You, Your Family and Your Business” (published by Macmillan).  If you are ready to sell a business and jump-start your business sale process, connect with Marian via her free tips, articles, checklists and blog at Business Transition Experts.