Just Sold Your Company? Here are some key considerations for the proceeds.
Congratulations on selling your business! As you begin to think about what to do with all that money, there are several important things to consider when it comes to taxes, protection, and financial independence. You need to think about how you want to organize your money so that you have to pay fewer taxes. You should speak with a tax professional or financial advisor to see what options are available to you so that you can protect your wealth and reduce how much money you have to pay in taxes. Making sure you have enough income coming in after selling your business is important. This will give you the freedom and flexibility to do what you want. You could start a new venture or do other things that you love outside of work. You could also spend more time with family and friends, traveling, or doing more of the things you enjoy. After selling your business, it is important to think about what you want to do next. You will need to be strategic about how you use your new wealth. If you are careful and make wise choices, you can be successful and happy as a newly wealthy entrepreneur.