How to overcome consequences if you don't have business transition plan

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How to overcome consequences if you don't have
business transition plan
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• You have built a company and now you are about to
  leave it, sell it to someone else or start a life
  in retirement. The day after your retirement, you
  have a strange feeling and you don't know what to
  do with the good money you have saved. To prevent
  this from happening, preparing for the business
  transition phase is essential. Here are some
  tips. (BBGV231120)
• Set goals As the transition phase of your
  business approaches, you should make financial
  planning for the future. Establish what lifestyle
  you want to have and how much money you will
  withdraw from the business to achieve this goal.
  Are you looking for a definitive withdrawal (in
  case of sale, mainly) or will you continue to
  receive dividends?
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• It is important to plan how you will spend your
  days after leaving the company. Will you channel
  your energy into any activity? Do you have
  hobbies and chores to keep you busy? Start
  planning this at least three years in advance.
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• Have a succession plan The best way to handle
  the transition phase is to put a strategic plan
  into action. From training your successor to
  diversifying your company's operations and
  processes so that everything goes according to
  plan, even when you're gone.
• In the case of sale to an external buyer Present
  it to your employees, managers and clients.
  Explain what your business values are and create
  an environment that facilitates long-term
  opportunities for success. With the same
  anticipation that you plan the personal
  transition, you must also steer the company
  towards the later phase.

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• Prepare yourself emotionally Kenyan David
  Karangu came to the United States at the age of
  17. At 40, he sold his two car dealerships.
  Despite getting the money he wanted, the
  following Monday after the business was done, he
  got out of bed, put on a suit, and only then did
  he realize he had nowhere to go. After a week, he
  realized that all his friends and people with
  whom he related were connected in some way to his
  businesses. Despite having won a lot, he was
  unhappy. And, worst of all, he didn't get the
  sympathy of the people, who only saw the good
  part of the transaction the money. Losing
  orientation is normal. The important thing is to
  have a goal to guide you after the transition
  phase.
• What to do next? You completed the transition
  successfully, and now? After selling to Concord
  Holding Corp. in 1996, 40-year-old American
  entrepreneur Rick Stierwalt began training to be
  a racing driver. To realize this dream as a
  child, he travelled weekly to Indianapolis, a
  motorsports centre.
• It was a job as tough as working. Training on
  Thursdays, qualifying on Friday and races on
  Saturdays and Sundays. And still, he had to be in
  good physical shape, "Stierwalt told the business
  website Inc.
• Instead of staying home or opening another
  business, leaving the company may be what you
  need to realize an old dream. Enjoy!
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