Life After Selling Your Business

While much has been written about how to plan a financial planning company and then successfully sell it, there is far less guidance and focus on what happens to shareholders after the sale and what issues need to be addressed and planned. This article attempts to correct that imbalance by offering all business owners reading this some food for thought so that they can enjoy life after selling their business.

Stay or go…

While you may not need to stay in business beyond the customer handover deadline (which can only be said to be six months), other transactions may involve an obligation to stay for the entire deferred period. It is important to be aware of your remaining obligations in life after the sale of your business, the degree of flexibility you have, and the potential impact on your ability to engage in other activities so as not to violate the terms and conditions set out in the sales contract. , as long as payments are deferred.

An important point to keep in mind is that you want to stay engaged, keep up to date with the latest developments, and monitor deferred compensation payments during the handover period. A sales contract is a document that confirms the relevant agreement.

Do what you preach

Financial planning is what you’ve been doing for years as an entrepreneur, but after selling your business, are you really planning your whole life? Did you do some form of cash flow modeling to get started, and do you and your spouse/partner, if any, agree on how much risk you should take, let alone want to take?

If you wanted to invest in another company, do you have a plan on how you would do it, what proportion to your total assets, over what timeframe, and what risks you are willing to take?

What will you do with your time?

It’s easy to believe that there’s a lot you can and want to do after completing a sale, but some planning is desirable for two main reasons.

The first is that if you look at it in detail, you may find that it is impractical. For example, if you want to invest in financial services in the same area (i.e. financial planning or becoming a non-executive director), then the sales contract is likely to have a limited contract, so make sure you don’t violate it.

The second is your family. Do they share your vision of how your post-sales time will be spent and are your plans workable?

Both of these are important after-life considerations for your business. And when in doubt, try the following example to add some color to the points made in the previous paragraph:

The supplier, without seeking confirmation from the buyer or speaking to his attorney, begins investing in the new finance company before the grace period expires, and the company hires an advisor to the company that was just sold. Not surprisingly, the acquirer was dissatisfied and a lawyer was immediately brought in.
Another director of a financial planning firm, who had been out with his wife for several years, got bored and decided to start a new company which he thought was a slightly different part of the financial services market. Buyers are suspicious and want to reassure them that they will not try to accept customers or compete directly, thereby violating the terms of the sales contract. A long (and expensive) correspondence followed.
A seller plans to buy a boat and then sail it around England for the first two years after the purchase period. Her husband was not involved in the project and objected for various reasons. This created a difficult environment during the sales process because he had other interests he didn’t want to change.
“Clear, honest and not misleading”

We are all familiar with this principle from various FCA regulations and it applies to both what the seller wants to do after the sale and what the buyer demands under the purchase agreement.

It is therefore not only desirable but also useful for both the seller and the buyer to know what the seller is doing both after the sale and after the grace period has ended. It’s also important to be clear about what the buyer is expecting/asking for.

Clear planning and communication are important not only between sellers and buyers, but also between sellers and their partners, partners and families. Communication is a consequence of planning, ie. What now needs to be done is to make sure, as much as possible, that there are no surprises and all parties leave the business happy and satisfied and that you can enjoy your life after the sale of your business.

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A Guide To Setting Up A Successful Clothing Business

The internet is saturated with new businesses, all with the common goal of wanting to become a success. Start-up businesses are difficult to get right, especially in an industry as dominant as fashion. If you’re wanting to start a clothing business and make it a success, there are a few important things that you need to consider. Without a detailed plan, an ethical supply chain, a unique brand and a consistent social media presence, you will find it difficult to succeed! 

Create a Detailed Plan

Your first step will be to create a detailed plan. Your initial plan should discuss in detail what your product or business is, why you think it is in high demand, who your target audience will be and how you will market it. It should also contain realistic financial goals for the next five years, taking into account all of your startup costs as well as your outgoings from insurance and bills to staff costs and packaging. Before investing any money, you need to invest a significant amount of time to figure out if your business is really going to work. Be honest with yourself, as now is the best time to identify any potential issues in order to rethink your ideas. 

Have an Ethical Supply Chain

When planning how your business is going to function, something that will help your business to be a success is to have an ethical supply chain. Not only is this vital when it comes to looking after everyone involved in your business, making the team more productive and much happier, but it is also important to customers. 

So many people prioritise ethics when it comes to buying clothes, as people’s awareness of the issues surrounding fast fashion are increasing. With an ethical supply chain, your clothing will be a much better quality, thus drawing in more customers. Although it might cost more to invest initially, highlighting that your business is ethical in your marketing campaigns will help your profits to soar. 

Make Your Brand Unique

Offering a unique product that your customers can’t access anywhere else is a great way to make your business a success. Unless you have a well-known brand, releasing t-shirts that are completely plain with a small logo won’t interest people. It would be best to focus on something like mens graphic t-shirts, working with independent artists to create exciting and diverse prints for your t-shirts. This will create clothing that is a talking point, rather than just replicating something you like that you’ve seen elsewhere. Whatever your focus is, it is essential to offer something to your target audience that they won’t be able to access anywhere else. 

Be Consistent on Social Media

Once you have an ethical supply chain and a completely unique idea, it is time to show it off on social media. This is the best place to start when it comes to marketing, as you don’t need to spend anything at all to begin with. Perhaps start by sending your clothing out to some relevant influencers who might share it on their social media, which will bring traffic to your page and hopefully website. From there, you can start to offer competitions, give discounts to loyal followers, engage with customers and generally build up your brand. 

If you want to, you can then start to pay for advertisements through social media channels in order to carefully target your desired audience. Your options really are endless when it comes to social media, so it is the best place to start. The most important thing to remember here is to highlight some of the things you have worked hard on, such as your unique branding and ethical industry practices. 


Setting up your own business requires substantial investments in terms of time and money, so you must be prepared for that. However, having your own business can also come with fantastic benefits, so just take some time to plan properly and make your business as appealing as possible and it has every chance of being a success. Lastly, be flexible and prepare to adapt to industry changes to maintain success over a long period! 

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Financial planning is the key to business flexibility in uncertain times

The COVID-19 pandemic continues to affect business and the economy and will continue for some time. But exactly how much remains unclear and tax officials need to plan to deal with this uncertainty.

Most companies are not equipped for what lies ahead, especially when it comes to planning. Three out of four CFOs admit that their planning process has not prepared them for economic and geopolitical disruption, let alone a global pandemic.

According to a recent study by the Association of Financial Professionals, three in four financial planners and analysts (FP & As) rated the “information uncertainty” caused by COVID-19 as having a significant or moderate impact on their organizations.

This uncertainty means that financial teams need to be more agile to help their businesses succeed. Even under normal circumstances, flexibility is a characteristic of a company that can better anticipate the future, act swiftly and decisively to meet customer needs, market changes, and the threat of competition.

Agility has now become the main characteristic of organizations that are able to react to this crisis and set a new, sustainable path for the future. That’s why relearning some knowledge bases of the business world can help you greatly in preparing for the future. Go to OnlineCourseRank for the best online business courses of 2020.

Finance is the key to agility
However, the company still faces challenges. From March 23-27, as clogging orders to the US and the impact of the pandemic increased, customers using adaptive workday planning processed up to 30 times more forecasts and scenarios than a typical week. This means that companies have stepped up their planning and re-planning as conditions change rapidly. Since the pandemic began, Workday has seen an average increase in modeling and recalibration of 15x as companies seek to understand the impact the global pandemic has on their business.

Financial institutions are key to flexibility for all companies, as the financial industry naturally stores financial and operational data. Because it affects every aspect of a business, funding is driven by budgeting and forecasting activities that essentially create a road map for that business. Following are three main planning processes that finance can implement to support business flexibility in times of uncertainty.

Scenario planning. Think of scenario planning as if you were harnessing the power of what-ifs. The planning platform allows you to model multiple scenarios based on competitive threats and supply chain disruptions to natural disasters, war and pandemics. Since no one has historical data on a pandemic, it is important to start scenario planning with relative ease. Model some of the top line items, such as: B. New sales, store updates, and quarterly upgrades to existing customers throughout the year. Consider a number of possible scenarios for your business, maybe 50%, 65% and 80% of the prepandemic plan.
Sustainable planning. In a volatile market, few things are more important to business flexibility than a plan that is relevant to what’s going on. Static annual packages, which often have limited value when traversing the environment, do little to deal with the black swan event that blinds everyone. The antidote to episodic planning is ongoing planning. When it functions well as part of sustainable planning, planning is not a moment in time – it is sustainable. With faster planning cycles, budgets emerge that adapt to changes and changes in business and markets. In an environment of active and sustainable planning, budgets aren’t frozen – and they never go out of style. Companies that use sustainable planning are 1.5 times more likely to predict market changes in a week and four times as fast.

Delay estimates. Moving forecasters provide a way to adjust direction quickly, with enough insight and confidence to make important decisions in a timely manner. Nearly 30% of tax officials surveyed by AFP said they expected the latest estimate. The mobile predictions are modeled by the driver, not the details. They usually forecast the next four to eight quarters. By providing a continuous forecast for a certain period of time, reality keeps evolving every month. This makes it easy for decision makers to see what’s happening in real time. The moving forecast also has consistent horizons. In contrast to the quarterly forecast, which is shortened by a one year horizon, the moving forecast horizon remains constant.

The chance to get out of the crisis
With countries, companies and communities reopening amid the ongoing pandemic, companies that remain flexible are best positioned to take advantage of opportunities and take on challenges.

With ongoing uncertainty about when vaccines will generally be available and pandemic status varying by region, companies must remain flexible. The recovery will come at different times in different industries. The hotel industry has been hit hard and the recovery will be “widespread and volatile,” said McKinsey. Other industries, including electronic commerce, did well during the pandemic. Ultimately, companies that have planned flexibly in response to the pandemic are well positioned to capitalize on opportunities during the recovery period.

Comparisons are being made between the effects of the pandemic and the effects of the financial crisis from the Great Recession more than a decade ago. Then many companies emerged stronger than ever to enjoy years of growth. Today financial leaders also see a silver lining in the current situation. PwC surveyed 330 financial managers in early June and found that the majority (72%) believed they would be more resilient and agile in the long term, and 53% said new ways of serving customers would lead them to better positions. on the road.

More than ever, flexibility will help companies recover from the pandemic and thrive.

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