“If a man is proud of his wealth, he should not be praised until we know how he employs it.” – Socrates

I have seen this same story replayed too many times. A family sells its business and is left with two burdens, a lot of money and a sizeable tax bill. The lead up to the closing is frenzied and all consuming. The closing occurs. Then silence.

Beware immediately after the sale; advisors and others may have plenty of advice for you, some self serving and others possibly more nefarious. Make your decisions slowly and carefully, especially as it relates to commitments of meaningful amounts of your new found wealth.

Many enterprising families face other life challenges thereafter, other than just watching over their wealth. Entitlement. Communication difficulties. Simply what to do with all the time that is available.

Here are a few thoughts you may consider before you close the sale of your business.

Prepare your post sale plan – prepare yourself and your family for a) “Plan B”: the sale does not close and you continue in the business, or b) the sale closes and you are no longer active in the business. This scenario has been experienced many times over. Find a trusted peer or mentor who can help to guide you through this potentially changing and stressful time.

What will keep you busy? Many initially find comfort in their family and quiet time. However, there is an allure to the adrenalin that accompanies the day to day challenges faced when running a business. Caution is the watch word here to ensure that you do not run back into another business, just to keep yourself busy.

Find something meaningful. From experience, the most successful post sale families will begin to enjoy the time that they have. Reflection, travel, education and philanthropy. Do you have a bucket list?

A good article about sudden wealth by Jennifer Risher, Article of interest

Thoughtful preparation for your new change will certainly set you in a better direction.

Learn, consider, apply!