After Selling Your Business, What Will Your Life (and Income) Look Like?
Owning a profitable, growing business is a great blessing. Whether you started your business from scratch or bought a business from someone else, who, but another business owner, can really understand what you put into it? When the time comes to sell your business, it may be a major pivot point in your life. One in which your mindset will need to switch from working hard for your money, to making your money work hard for you.
Have you thought about what will your life (and income) look like after selling your business? Will you have enough to retire? Might you still need some income?
How Much Income Do You Need After Selling Your Business?
How much income do you want or need after selling your business? Will you be simplifying your life after selling your business? Or will you want to keep your lifestyle the same?
How Much Will You Receive – and When?
Is the sale of your business paying out a lump sum to you? Perhaps you will be able to live off of the interest you earn, or off of the dividends you receive from your investments.
Will you be receiving payments over time? Will those regular payments fully fund your life after selling the business?
How Do You Make Up Any Shortfall?
If the lump sum payment, or the payments received over time, are not enough to fully fund your lifestyle, do you have additional sources of income? Pensions, IRAs, social security, annuities or rental income? Talk with a Registered Investment Advisor and paint the whole picture together. If there is any kind of a shortfall between what you have and what you need, smart investing may help grow your nest egg and/or increase the monthly income you receive.
To learn more about how we might go about that, refer to our recent blog post, “How to Grow the Money You Received from Selling Your Business.”
Let Others Help You
Selling your business may sound like a fitting end to a great career. However, getting your life and income to look the way you want it to after selling your business may require some expert help. As Registered Investment Advisors, you can depend on us to properly evaluate options and provide fiduciary guidance before (and after) you sell your business.
Anatoliy Cherevach is a Chartered Financial Analyst and a Portfolio Manager with Kunath Karren Rinne & Atkin, LLC, with over 19 years of portfolio management and security analysis experience. Prior to joining KKRA, he was a Portfolio Manager and Research Analyst with Cohen & Steers. Anatoliy holds an MBA in finance from Pacific Lutheran University. He is an active member of the CFA Institute and CFA Society Seattle.
Tags: kkra, Selling Your Business