Selling your business can be a bittersweet experience. While you may be excited for the future, it’s the end of an era. Be sure you don’t overlook these considerations.
STAY INSURED
You’ll still need health insurance, which you’ll likely have to pay for on your own. Also, review your disability and life insurance needs. Policies that your company used to pay for will now have to come out of your pocket.
TAX SAVINGS
Work with your tax professional to create a plan to minimize the taxes you’ll owe from the sale. That could include making donations to your favorite charity, gifting money to children and grandchildren or setting up a donor-advised fund.
FREEDOM PLANNING
If you’re retiring, planning for your new free time is just as important as the financial decisions you’ll need to make. Without the routine of working, you may feel lost. Take ample time to prioritize how you want to fill your days to stave off boredom and loneliness. You may find that it takes a year or more to settle into a new routine.