Starting Over After Selling a Business

Selling a business is never easy. It can be stressful, confusing, and even scary at times. But once you're ready to move on from your old business and start fresh in a new industry or location, there are plenty of ways to make sure it's an exciting and rewarding experience rather than just another transition that feels like an escape from reality.

Here are some tips for starting over after selling a business:

Scary to Start Over After Selling a Business

It's true that starting over is scary. You're leaving behind a life where everything was familiar and comfortable; however, you also have the opportunity to try new things that may interest you or help ease some of the stress from running your previous business. And if things don't work out as planned—well then at least there won't be any debt hanging around from buying all those expensive equipment upgrades!

Prepare to Return to Company Ownership

When you're ready to start over, make a plan for re-entry into business ownership or full-time employment. Consider your options and prepare for the future, but don't rush into anything. Don't be afraid to try something new! If you fail, there's always room for improvement; if you succeed at something new, it will help build confidence in your ability to do so again later on.

Find a New Purpose

Find an interesting challenge that will make you feel good about yourself, even if it doesn't pay well or require much effort on your part—it could be as simple as starting up an online business or volunteering at an animal rescue organization (which would also give you opportunities for networking with others).

Start Planning for the Future

You're probably thinking, "I've got a lot of work to do." That's true—but you also have the opportunity to plan for the future and make better decisions. Planning for the future can help you make better decisions about your finances and career, as well as help guide you toward what is most important in your life right now.

• How would I like my business to look in five years?
• How do I envision the sort of person I want to be?
• What are my values?

Make a Plan for Your Money

Once you've made the decision to sell your business, it's time to start thinking about how and where you'll put your money.

First and foremost: make a plan for your money. This step can be as big or small as you want it to be—but don't worry about being too aggressive with this first step because there will be plenty of time later on for more detailed planning. Consider all of the following questions:

• What are my goals? How much risk am I comfortable taking with my finances? Is this an emergency fund or retirement account (or both)? Do I have any other assets besides stocks/bonds/etc., such as real estate or artworks that could appreciate in value over time? If so, what are their current values compared to what they might reach if left uninvested until maturity date(s)? What kind of tax rates do I expect going forward (i.e., federal vs state)

Focus on the Positives of Starting Over

As you start over, it's important to focus on the positives. Don't dwell on what went wrong in your old business and don't let the negatives get to you. The fact is, most businesses fail at some point—and that's okay! You can still learn from your mistakes and move forward with your new venture.

Don’t be afraid to try new things, even if they seem strange or scary at first blush (or even if they look like they'll never work). Everyone has their own path toward success; don't be afraid of taking risks or being vulnerable enough to ask for help when you need it (or perhaps even just someone who will listen).

Take Time to Travel and Explore

It’s important to take some time to travel and explore. Traveling can be a great way to relax and recharge, as well as meet new people and make new friends. It can also be an opportunity for self-discovery, which is especially important if you’re just starting over after selling a business.

While traveling isn't necessarily cheap (or even possible), there are ways that it can help you financially so that you don't have any trouble getting by while starting over after selling your business.

Consider Mentoring Others in Your Industry

Another option is to teach or mentor others in your industry. This can be done online, but you may want to consider doing it in person or remotely. You could also offer free or paid classes for people who are interested in learning more about what you do, or how they can use it for their own businesses. It is a great way to start over after selling a business

Find a Part-Time Hobby or Interest

Find a new hobby. It shouldn't include your business since you'll be sidetracked and lose time for the new venture. This is about what to do and how much time you spend on non-work activities. After spending so much time with customers/colleagues/bosses/etc., finding another job may be challenging!

The best course of action in this situation is to consider what sort of activity would enable me to escape my everyday obligations without being overly dangerous. While watching TV is less mentally taxing but might cause us to become quite sidetracked by unrelated ideas while attempting to ignore them sneaking up on us, reading novels is soothing but still demands some thinking "No! thinking nothing as they only stand there!" perhaps learn something new?

Be Intentional About Your Business Ownership Break

When you're ready to return to business ownership, do so with purpose. This doesn't mean that you have to be running the show or working 80 hours a week—but it does mean that your time away from the industry has taught you some valuable lessons and skills, and now it's time for those lessons and skills to be put into practice.

Maybe there's someone else in your industry who can benefit from what you learned during your break from work. Maybe not! But if there is someone who could benefit from what we've learned here today (and everyone will), then let's make sure they know about it!

Take Time to Grieve, but Don't Let Grief Consume You

You're not alone. Grieving is normal and healthy, but you won't feel like it at first. Your business was a big part of your life; it was your identity and something that gave you purpose. It's natural to want to move on quickly, but don't allow yourself to get caught up in the moment and lose sight of what's truly important—your health and happiness as an individual person.

It's also important not to dwell on the negative aspects of selling your business: no matter how much money or connections were involved with selling it (or whether there were any), this doesn't mean everything else about who you are or what makes up part of who you are has changed overnight.

If possible, try not to let grief consume all other areas of life either—this can lead people back into old patterns from before they moved forward, rather than helping them grow into new ones!

Conclusion

Remember, it is okay to be scared. It is also okay to feel frustrated, angry, or sad. But don’t let these emotions consume you; they will pass, and you will find your way back to the person who was thriving before this happened. As long as you keep an open mind, take time away from the business world and yourself so that you can heal emotionally first before resuming your professional life—this will give new meaning back into the living.