Whilst an exit marks a significant milestone of success for an entrepreneur, the reality can often represent a loss of identity and community. Rather than financial rewards, most entrepreneurs measure their success by the degree of freedom and potential legacy that their success allows them.
Developing a vision for your personal journey and legacy which your wealth can support is key, and the right combination of professional advisers (wealth, legal and tax) can help greatly with this complex and, at times, daunting process.
With that in mind, here are three things to consider:
What many people don’t realise is the complexities of managing wealth increase significantly after selling a business: issues such as tax planning and wealth structuring become paramount.
Facing these areas can seem a daunting process, which is what makes the choice of adviser crucial. Having someone beside you who has a strong understanding of the process of selling a business, can help you structure your wealth in a way that protects your assets and enhances your lifestyle.
EXITING A BUSINESS DOESN’T MEAN GOING IT ALONE
For some entrepreneurs, selling a business can bring on mixed emotions. Once the deal is complete, a new chapter begins, and this can be unfamiliar territory compared to what you have been used to.
It does not mean you have to navigate this new period of life on your own. This is where professional advisers – wealth, tax and legal – can help you navigate what can at first seem like a complex and daunting process.
The right cultural fit is essential. If you enjoy the feeling of working in a small or medium-sized business that is nimble on its feet and adopts the latest technology, you may be seeking the same qualities in your wealth manager.
WHO SAID ANYTHING ABOUT RETIREMENT?
The stereotype of a business owner in the past was someone who ran the company until it was time to retire, at which point they handed the reins to the next generation or perhaps they sold parts of the business.
However, having sold your business, suddenly you have the ultimate luxury: time. Time to step back and think about what really matters to you – whether it is retirement, starting a new business, or becoming an angel investor. The key is to make sure you’re working with an organisation which helps you structure your wealth in way which gives you the ability to move in the direction you want to.
If you’re thinking about selling your business or looking at organising your finances for the future, get in contact with Daniel Sawyerr at Daniel.Sawyerr@londonandcapital.com.