Selling a business is a monumental achievement. It marks the end of one journey and the start of another. The sale of your business is not just a financial transaction; it’s a significant life event that brings a mix of emotions. There’s pride in what you’ve accomplished, relief that the hard work has paid off, and perhaps uncertainty about what comes next.
Managing your newfound wealth effectively ensures long-term financial security and peace of mind.
Addressing common fears
Let’s start by acknowledging that the aftermath of a liquidity event isn’t just about the numbers on a balance sheet. It’s a complex interplay of emotions and financial considerations that can be overwhelming. Picture this: you’ve gone from business operations day in and day out to suddenly having a substantial amount of money at your disposal with no clear path. It’s overwhelming. You might begin questioning how do I preserve this wealth?
Many of us have been there – that internal struggle of managing, preserving and building wealth. The shift from building a business from the ground up to becoming a steward of significant wealth is a major transition. Financial security doesn’t always mean peace of mind, but with the right approach, you can turn these concerns into opportunities for growth and fulfilment.
Many business owners fear market volatility. The stock market can be unpredictable, and losing a significant portion of your wealth can be daunting. This fear is often amplified by a lack of experience with share investments, which can feel like gambling. However, it’s important to remember that with the right strategies, you can navigate these uncertainties successfully.
Here are some practical tips to help you manage these concerns:
- Educate yourself: Take the time to learn about different investment options. From online courses to educational books, such as one written by our founder!
- Seek professional advice: A financial adviser can help you develop a robust investment strategy tailored to your goals and risk tolerance. They can also handle the technical aspects of your investments, so you don’t have to worry about the intricacies of the stock market. Regular meetings with your adviser will align your strategy with your evolving needs. Look for a fiduciary-certified advice firm that will put your best interests first.
- Stay informed: Keep up with market trends and economic news by following the Australian Financial Review, The Wall Street Journal and by signing up to our mailing list (link). Improving your financial literacy through regular reading will help you to feel confident and in control.
Addressing fears, developing a robust investment strategy, and engaging with professionals will pay dividends in ensuring you can get on track with your personal finances after the sale of your business.
Do you have an hour to change your life? That’s all an initial conversation with our team takes. Even if we’re not the right fit for each other, we can point you in the right direction. (link to contact page)
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