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Listen in! Pick up some expert advice to a reader's question that we selected from CyberSchmooz.

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What to Do After You Sell Your Business

 

When an entrepreneur goes into business, there's nothing more gratifying than seeing it thrive into a profitable enterprise. Once a certain level of success has been reached, it's not uncommon for a larger company to see the potential and make an offer to purchase. 

 

When your business is acquired by another, this can be an extremely lucrative achievement. As a result, it's possible to experience financial freedom. This means you're making decisions from a perspective of what you'd like to do versus what you need to do in order to put food on the table. But what comes next? The following are some options to consider:

 

Early Retirement

Many people dream of retiring early and made it a primary goal in life. You can wake up when you want, go to bed when you want, and generally do whatever you want. If you choose to book a few flights and leave the country for a few days, that's your prerogative. Tons of people travel the globe once they retire. Whatever you do, don't use retirement as a time to sit and do nothing. Your brain needs stimulation. Plus, you have so much more to live for. Resist the urge to become a couch potato.

 

Teaching

If you're someone who has a passion for teaching, pour into the next generation of astute minds by becoming a teacher or a professor. You can easily earn a single subject teaching credential online and become a high school teacher. You'll get the opportunity to connect with young people. Being around young people will also keep you young at heart. This is a great way to challenge your mind, increase your capacity to serve and make an impact on individuals who need it. Just be sure to brush up on your pop culture references when you head into a high school. It's always nice to be relatable, and know what the kids are talking about.

 

New Ventures

If you're extremely passionate about building lucrative businesses, you might want to consider starting a new business. Instead of working tirelessly to build a new enterprise, become a consultant who works from home. You can teach others how to navigate the business landscape as a professional coach and mentor. You can use your years of expertise and experience as validating proof that you're able to provide your clients with the right information.

 

Volunteer Work

There are tons of non-profit organizations that desperately need more volunteers in order to do various missions they've set out to do. You can opt to partner with a non-profit organization that works in an area that you're passionate about. If you have a heart for those who have health issues, volunteer in a clinic in a low-income neighborhood. If you want to work with orphans in foreign countries, you can volunteer with an organization that provides foreign aid. Natural disasters happen every single year. Join an organization that provides relief, financial assistance, and shelter to those who need it. You don't have to travel far to provide volunteer services though. Any teacher will welcome the extra hands that are willing to prepare copies for the students or complete random tasks that a teacher typically has to take care of.

 

When you're faithful in your business pursuits, other business giants will take note. If this leads to a profitable deal, you'll have to think about what you'll do next. For many business owners, there's a major identity crisis that happens because they're so used to operating within that business. Just be sure to manage your emotions and decisions well as they can lead to some beautiful new experiences once you've sold your company.

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