Page 33 - Wealth of Experience - Selling a Business 2019

TIME FOR A

NEW CHAPTER

Our findings indicate that the sale of a And so a new life begins:
business is as much a personal journey Retirement doesn’t mean a life of inactivity. Selling a
as a corporate one. Many owners have business can give owners the opportunity to live the
spent a long period of their life pouring life of their dreams! A life packed with travel, time spent
everything into their business and there with friends and family, or pursuing a hobby. After all,
are often strong emotional attachments people who are used to working 50 hour weeks (and often
involved. weekends!) aren’t likely to be content with a sedentary life.
Did you:
In our report, 47% of our survey group had owned
their business for over 20 years17. Saying that selling a
business is the end of an era would be an understatement. Have a deferred 53%
For most, it signifies the loss of something that has long consideration
dominated their life and has been integral to their identity.
But fear not, a new stage of your life awaits… Have an earn
After signing the contract out linked to 23%
future business
53% remained actively involved in the running of the performance
business after the completion of the deal. Of these, 56%
stayed beyond the agreed period. And you might have
thought getting out would be the easy part… Retain equity 23%
When selling a business, the owner doesn’t usually receive
all proceeds immediately. In fact, 50% of our respondents
said they waited over 2 years to get full payment. This Although it can be daunting to think of life without your
deferred payment will almost always be dependent on business, it’s rarely a concern that materialises post sale.
performance measures. None of our survey respondents indicated any regrets!
Enjoy the opportunity to dive head first in to a new
We know from experience that very few regret the sale, chapter…
many will say they wish they’d done it earlier. The fear
of an empty life post sale is rarely realised. Financial
independence is rewarding and means you can tick some
things off the bucket list, if that’s what takes your fancy!
Everyone’s goals are personal and some may go on to
start a new business - the entrepreneurial spirit never
leaves some people.

32 17 Cooper Parry Wealth of Experience Survey Q2