Making the decision to sell your business for retirement is no easy feat. After decades of hard work and dedication, it can be difficult to hand it over to new leadership. Not only that, selling your business means that you have to figure out what to do with your newfound free time. How can you reinvent yourself now that you made this giant step? Or, if you are ready to retire, how do you navigate this major transition in your identity?

At Osage Advisors, we offer our customers the support they need in taking that next step. Whether it’s selling your business or transitioning to retirement, we ensure our clients are comfortable and feel satisfied through the entire process.

First, let’s talk about the sale.

It can be hard to finally make that jump and sell your business — especially if it’s a family-owned business. There is an emotional tie to the company, and we understand the hesitancy to make that jump.

But when you decide it’s time to move on, there are three different factors to assess. First is timing. Are you at the age where you can retire? And if you are a family-owned business, is the next generation interested in continuing the business. After you answered those questions, you can take the next step and decide if a transaction should take place.

The second factor is risk. Depending on your field, the future of the business may be unclear. If that’s the case, it might be time to sell your business and try new ventures.

The third and last factor is what we refer to as “bottoming out.” As a business owner, you may feel like you’ve transformed your company to the point of where there’s nowhere else to go. Perhaps you took what the generation did before and improved it, and now you are feeling unfulfilled in your current role. It might be time, then, to find something else to reenergize you. You took the business as far as you could, and now it’s time for some fresh leadership to take it to new heights!

When you decide to sell your business, you’ll want to find the best team to back you up. That’s why you need the best advisors at your side. At Osage, we bring a unique perspective while respecting your needs and desired outcomes. We put the book (confidential memorandum of your business) together and serve as the buffer between you and the buyers. Selling a business is hard, so it is our job to make sure you are at ease as much as possible during this stressful period.

Once you are at the point of choosing your buyer, it’s important that you go with your gut. Sometimes, business owners want to find the best fit financially; others want to find the best cultural fit with the highest bid. If you are a small, family-owned business, you might want a buyer with the same historic background. Wherever you fall in that scale, do not undervalue your emotions. Talk to your advisors about what you want, and they will guide you on the right path.

Congrats! You made your sale.

Now it’s time for the next step. As you’re waiting for the closing and the all-clear to make the announcement publicly, you’ll want to tell your key employees and call your most important customers. Be prepared for some questions from these customers. Is selling the business good for you? Will you be staying with the company during and after the sale? Will I still be working with the same employees? Usually, the conversations are positive but be prepared to answer those important questions.

When all of the work is done. Enter: retirement.

If you are at the point where you can retire, you may be asking yourself what’s next. When you look up retirement planning on the internet, chances are you will be directed toward financial advice. But you won’t find a lot of results on how to reinvent yourself. That’s where Retirement Transformed comes in. Mark Rollins and his wife Jody are friends of Osage Advisors, and they offer their clients the tools and resources to enjoy retirement. Whether it’s a new career, volunteer opportunities, and more, there are plenty of ways to transform your retirement experience and enjoy this new stage in your life.

Listen to our podcast with Mark Rollins about his personal process of selling his business and transforming his own retirement.

Learn more about Retirement Transformed here.

Osage Advisors provides a lot of guidance in the M&A market here on our blog and on our YouTube channel and Podcast.