After selling your business, many entrepreneurs face a key decision: should you continue working with the company or step away? The answer depends on several factors, including the nature of the business, the need for training and transition, and personal preferences.
Reasons To Stay
One common reason for staying is to help boost the sale value. If the business is complex or requires strong relationships with clients, vendors, or partners, staying on temporarily can smooth the transition and potentially increase the final sale price.
This involvement could range from full-time or part-time work to a consulting role, depending on the business needs and the agreement.
Another reason to stay is simply to keep busy. If you’re retiring but not ready to stop working entirely, you could ask the new owner to hire you or include this as a condition of the sale. This allows you to continue doing what you love while contributing to the business’s success.
Reasons To Leave
On the other hand, you may prefer to leave immediately. Many entrepreneurs sell their businesses to move on to new ventures or to explore other interests. If the buyer doesn’t need your help with training or transition, this can free you to start fresh.
Additionally, adapting to the new company culture might not appeal to you. Every organisation has its own workplace culture, and new ownership often brings changes that can make the previous owner feel out of place. It’s important to recognise that the new owners will likely make adjustments to how the business operates, which may be difficult for former owners to accept.
Finding A Balance
If you’re torn between staying and leaving, there are compromise solutions. For instance, you could train a manager to help with the transition while moving on to a consulting role. This allows you to remain involved without fully committing to the business’s day-to-day operations.
Ultimately, the best exit strategy is one that balances the complexity of the business with your personal goals. Whether you choose to stay on or step away, consider what aligns best with your plans and aspirations.
In conclusion, the decision to stay or leave after selling your business depends on a variety of factors. By carefully weighing the pros and cons, you can create an exit plan that suits both the business’s needs and your ambitions.