Sold Your Business? Congrats! Here’s an Idea for What to Do Next.
You’ve spent years building a successful business, and the time has finally come to sell it. The long hours, working weekends, risks, and investments have all paid off. It’s time to hand the reins over to a new owner who will continue to improve on the strong foundation you built.
But if you’re like most entrepreneurs, the cabin life and mornings on the golf course won’t be enough. You’re sitting on a large sum of money from the sale of your business, and you’re eager to find a new opportunity.
We have an idea that can satisfy your need for more R&R with family and that entrepreneurial itch: the family office.
What is a family office?
A family office is a physical or virtual team of family and outside professionals, you bring together to oversee your assets and investments holistically. It’s a very active, hands-on approach to managing your money so it lasts through the end of your life and perhaps into the lives of your children and grandchildren.
What types of assets does a family office manage?
All of them! Most entrepreneurs who sell their businesses have a mix of cash, real estate, private equity, and traditional retirement and other investment accounts. Add that to their spouse’s assets, and there is some serious money to manage.
You may wish to coordinate your estate planning, insurance, trusts, accounting, tax, legal, and philanthropy through your family office. Each one of these areas may require an expert’s help: CPA, bookkeeper, estate planning attorney, and insurance agent. While these professionals may not work in-house at your family office, they will coordinate with your family and each other to manage your assets responsibly.
Who benefits from a family office?
You and your family do. Managing the operations of a family office can ease the transition from business owner to retiree. It also engages your spouse, children, and grandchildren. They’re empowered to make decisions on how and when to grow your assets and what philanthropic projects the family should support.
The family office is an often overlooked option for entrepreneurs who are ready to sell but not ready to fully retire. For help starting a family office for you and your loved ones, contact Opportunities in Business today.