Business Transfer Business For Sale
M&A Business Transfer – Business For Sale
Being an entrepreneur is hard work. Over the years you have built your business, every day a bit further. Although you do not think about it every day, there will come a time when you have to distance yourself from your company. Maybe you are retiring or you are ready for a new challenge or because your successor is ready to take over the business. Whatever the reason, a business transfer is a normal phase in a company’s life. But at the same time it is also a drastic event. Not only in financial, fiscal and organizational terms, but also on a personal level, as business transfers regularly involve emotions. In the first place with yourself, because your company is dear to you. But the business transfer can also have major consequences for the people around you, like family and staff. In short: a transfer process is far-reaching and complicated. Proper preparation and clear, practical support during the process are therefore invaluable.
On this page we published a takeover step plan is a practical guide to the transfer of your company. It not only gives you a clear insight into the process procedures, but it also provides some guidance and tips during the different phases. This takeover step plan will not answers all your detailed questions. For this you can always call, without any obligation, us; Asia Investment Services. We are keen to advise and support you in a possible business transfer.
• Stage 1: Orientation
– Step 1: Determine objectives
– Step 2: Overcome emotions
– Step 3: Orienting conversations
– Step 4: Transfer plan
• Stage 2: Preparation
– Step 1: Preparing for sale
– Step 2: Determine the asking price
– Step 3: Information memorandum
• Stage 3: Acquisition
– Step 1: Inventory of candidates
– Step 2: formulate buyer profile
– Step 3: Approach candidates
• Stage 4: Completion
– Step 1: Negotiations
– Step 2: Letter of intent
– Step 3: Due diligence
– Step 4: Purchase agreement
– Step 5: Transfer
• Stage 5: Post transfer
Phase 1: Orientation
The first phase of a business transfer is the orientation. This first phase is for setting objectives of a possible business sale and determinate consequences of it. Furthermore, investigate how and what should be done, how the M&A process will be and what additional information and facilities are needed to make the business sale a success.
It is advisable to start with this in time, even if selling will be scheduled a few years later. A backup plan always comes in handy. A business transfer has far-reaching consequences, and a decent orientation phase is therefore crucial for successful acquisition both regarding revenue and continuation of business activities. After all, as an entrepreneur, there is a moral duty towards employees and other stakeholders.
Step 1: Determine objectives
Selling your business is a big step and will be a significant change. It is therefore essential to plan and consider options in advance. About the transfer itself, but especially also about the period after the transfer. Assess personal and business objectives carefully, get a clear view of deliberations. Be realistic and simulate the coming events and also try to understand and shape the situation after the business transfer. This will not only be beneficial for yourself but also prevents doubts, friction and disagreement in the acquisition and transfer process.
• Personal goals
Undoubtedly there is a good reason to sell the business. Sometimes, however, it is just only a feeling. Bring clarity to yourself once again; what is the actual reason for sale, looking for a new challenge or is it time for retirement? Maybe is a business sale only a possible solution and not the reason! As mentioned, consider and view the business sales from different perspectives.
Also, examine when it is time for a (semi)-retirement and what will be the consequences. What to do after the sale? Can you enjoy the lots of free time after the busy life as an entrepreneur? Or will you be bored quickly?
Discuss your plans with family members and keep them informed of the progress of the process. That is not only pleasant for them, it also helps you to put and keep your mind right once again.
• Business goals
Also think carefully about your business interests. What about, for example, your pension provision? And how much income do you need after the transfer? Consider whether this is feasible and where the funds do come from. Also, check when your pension is released. And whether you still have to pay tax on this. Even think about the moment of the transfer. Is this the right moment to sell your company? Or will your company increase in value in a few years? Talk to your accountant and your insurer. They will be happy to help you to secure your financial future.
• Emergency scenarios
As described above, it is wise to orient yourself well and timely on the business transfer. It is also important to think about emergency scenarios. For example, you may die prematurely or become incapacitated for work. What happens then? And how big is the chance that your family will get into trouble in these cases? It makes sense to record these items in a sort of emergency plan. If you do not do this, the chances are that financial securities suddenly cease to exist.
It is vital that you look at the future in this phase. What is all needed for a solid sale? How to prepare the company for a sale? Also, think about the value. And about the continuity of the company and the future of the employees. With this initial orientation, the assistance of specialists, such as Asia Investment Services, is precious. Advisors can point out the different topics of interest. They also help you, depending on their expertise, to determine the strategy and to set out a timeline.
• Leverage on long-term sale preparation
Often companies are not optimally equipped for future sales. For example, the company may be characterised by; no or insufficiently present distinctive character, loss-making activities, disproportionate financial obligations to or from the owner/entrepreneur, excessively high operational costs or other matters that may lead to complications or reduced revenue in the event of a possible sale. A turnaround to prepare a future deal could be a possibility to consider. Mainly if you can use a lever that could generate a considerable increase in yield. Some venture capital companies are specialist in this, but also by hiring an M&A advisor, and interim management could lead to an improvement. A precondition is, however, that for this purpose 3 to 5 years must be taken.
Step 2: Overcome emotions
The goals are clear now. In this 2nd step, we will pay attention to the emotional side of such a sale. Renouncing a possession such as company turns out to be more difficult than expected for many entrepreneurs. Logical, because business and social life are often interwoven and as an entrepreneur are often a prominent member of a community. Suppressing your emotions is not an option as this often leads to delays at a later stage of the transfer process because the feelings are there and it will give serious doubts. The result could be that it will never come to a transfer or maybe to a deteriorated price. Therefore, do not put emotions aside, but take the time for it and discuss them with family, friends and advisors. In the remainder of the process, it greatly will benefit from this.
• Family businesses
Are you the owner of a family business? Then also realise yourself that the transfer is also an emotional event for your family. Take plenty of time to discuss these emotions. If it is difficult to do this, contact a coach for entrepreneurs. He knows how to deal with this and how it becomes simpler for you and the family. Do not cover the difficult questions, but make them discussible. The transfer process is a stirring period for everyone. Not only yourself and your family, but also for the employees. Inform them when the time is there, and the final decision for sale is taken! After all, in a family businesses there is frequently a close relationship with the staff and, in a new situation, they will not know whether they can keep their jobs. Reduce these kinds of uncertainty: inform your employees in a timely and transparent manner about the transfer and its consequences.
Step 3: Orienting conversations
The orientation is done extensively upon objectives and the emotional consequences of the business transfer. Still convinced that selling the business is the right step to do? Then it is wise to contact the parties that you will need during the transfer process. Make arrangements with the various advisors and specialists and make sure that you are well informed during these orientation meetings. For example about the way in which these specialists can service you and which methods they will use.
Below a list of advisors and specialists needed during the takeover process. Approach at least one organisation per specialisation. This way you get a good picture of the services of the specialists and the costs associated with this. Moreover, you can compare the different service providers in this way.
in the first instance;
– M&A advisor, such as Asia Investment Services
– a financial intermediary, also a service we as Asia Investment Service provide
– tax specialist
at a later stage, you would also want to appeal to;
– tax specialist
Step 4: Transfer plan
The last step in the orientation phase is making a transfer plan. This document makes your sales plans clear and transparent. For example, you have to make clear what you are offering for sale. Also, indicate the objectives are and to search for a buyer. The transfer plan primarily guides yourself, but also gives support to others involved in the transfer, such as advisors, and potential buyers and your family members.
The transfer plan contains at least the following information:
– indication/target price (range)
– intended/description of the deal
– applicable conditions
– description of buyer profile and how to search for
– SWOT analysis
– condensed profit and loss account, balance sheet (very basic)
– the profit forecast for the long-term
– developments to take into account
– acquisition process and schedule
– other considerations
– participants in the acquisition process
Be very critical when drafting the transfer plan. Ask yourself a lot of questions and try to be as complete and honest as possible in the descriptions and given data. Add a clear schedule and indicate per component when you have to take a certain action.
Phase 2: Preparation
The second phase of the acquisition process is preparation. The preparation phase occupies an essential place in the transfer process and this phase will take for sure most time.
Step 1: Preparing for sale
You want to sell your business as well as possible. It is therefore important to prepare the company ready for the sale. Admittedly, it must be attractive to potential buyers. So make entirely sure all business are in order. Not only an orderly administration but also a tidy business premises and a pleasant working atmosphere. When preparing sales, give particular attention to the following aspects:
– tax and legal issues,
– financial administration and management information.
Below these topics are briefly indicated. Please read these notes, and give attention to procedures that needed to implement any changes in their structure. To prepare your business for sale, let you assist yourself from a M&A advisor, accountant and tax specialist.
It is of course not desirable that your company is still mostly dependent on the owner/ entrepreneur during the transfer. Understandably you as owner, are the leader and to the market the deciding person. But now it is time to change that. If you want to sell a small or even a larger company, it is essential to make yourself replaceable. The more a company depends on 1 person, the more difficult it is to sell it. Moreover, this dependency also will significantly reduce the value of the company.
Try to transfer the responsibilities to your employees gradually. It is crucial that they can work independently in time and dare to take important decisions. Obviously, this needs time. Therefore, consider for yourself how long you need to put all responsibilities down with others and do make a precise planning. Of course, there are also tasks that are (almost) non-transferable. Put this on paper, so that the (potential) buyer has clear insight into this.
• The organisation
The corporate structure and culture do have a significant influence on the course of a business transfer. With an open corporate culture with spread responsibilities, a sale of a business is often a lot easier. Therefore determine in time which changes you still want to implement in the organisation. This can involve changes in procedures in many areas. Consider, for example, the job distribution, the workforce, the administration and management information system, contracts and permits, environmental requirements and the available stocks. A well-written record of the most important processes makes sales more comfortable and improves the value of the business.
• Tax and legal aspects
Tax aspects do have an essential role in business transfers. For you as a seller, the tax settlement of profits is of crucial importance. Of course, you want to arrange everything for yourself as well as possible. Therefore prepare yourself well for the transfer. In certain circumstances, for example, it is very interesting to change the legal structure of the company. Consequently, you should get the advice of a tax specialist at this stage. Ensure yourself that all tax affairs are well organised.
• Financial administration and management information
When transferring your company, the financial organisation must, of course, be in good order. It is therefore wise to compare the financial figures of your company at this stage with those of other companies in the same sector. Do you score worse on certain parts than other companies? Then try to find out what causes it. After all, if you know that, you can take action. Improving the financial key figures for profitability (the result of the investments) and solvency (the ratio between own and foreign capital) sometimes takes between 3 to 5 years. Take a close look at your financial figures and take action if necessary. As mentioned consider a turnaround and hire an interim executive for this operation.
Step 2: Determine the asking price
It is not easy to determine the value of a company. Although there are several methods, there is no real standard calculation. Of course, ‘hard’ data such as profit and loss figures play an important role. But future developments, profit expectations and emotional factors (such as customer relations) also have a major impact on the value of your company. The first value analysis yields the ‘stand-alone value’ of the company. This forms the basis for determining the asking price. But you also have to take account of so-called value drivers which are key figures of the entire organisation regarding income, investments, risk and stability. These value drivers are; sales growth, profit margins, taxes, fixed capital assets, working capital, weighted average cost of capital (WACC) and competitive advantage period (CAP)).
• Normalization of the annual accounts
Before the value of the company can be determined, you must first normalise the annual statements. In the first place, delete all costs and revenues that are not part of the actual business operations. Next is to correct any extraordinary income and/or expenses. Consider also to settle, or make explicit, mutual obligations as person/owner and company such as a possible current account credit. An accountant can do the normalising.
• Valuation methods
A proper valuation shows precisely the value of the company and which factors influence this value the most. The most used valuation methods are:
– discounted cash flow (DCF)
– economic value added (EVA)
– intrinsic value
– capitalised value
Which method is most suitable depends entirely on the situation. Therefore always ask a valuation expert for the value analysis.
• Price flexibility
When determining the asking price, it is vital that you take a flexible position. What a buyer wants to pay for a company often depends to a large extent on the expected future revenues of the company. However, it is important that you have already established the (provisional) value of the company before the negotiations do begin. This is not only about the value, but also about the calculation and the possibilities that the acquisition will offer to the buyer. It is precisely from this that you derive all (convincing) arguments that you can use during the negotiations.
• The transaction sum
Although the outcome of the value analysis is oftentimes meaningful, it apparently offers no guarantees for the final sales price. The attitude of buyer and seller also determines the transaction sum. Furthermore, the sector and moment of transfer and many other factors can also play a significant role.
Step 3: Information memorandum
If you want to sell your company, the provision of information to interested parties plays a crucial role. In this phase of the M&A process, you set up both an investment proposition and an information memorandum.
The purpose of this document is to gauge the interest of potential buyers. The investment proposition is anonymous and gives a short profile of your company. Only a few vital companies get the details and information about the region/location and the price, most likely to be discussed.
• Information Memorandum
The information memorandum is not anonymous. It provides comprehensive, detailed information about your company. Numerous topics are covered. Consider, for example, the company history, legal and tax structure, products, distinctiveness, marketing and sales, management, key personnel, financial data and specific industry data. The opportunities and threats that may be significant in the negotiations are also described in this document. The purpose of the information memorandum is to inform the potential buyer (and his bank and accountant) in detail about the company so that negotiations can start on this groundwork.
Phase 3: Acquisition
After you have prepared yourself extensively for the transfer of your company, it is now important to find a suitable buyer quickly.
Step 1: Inventory of candidates
The moment has come: you are looking for a buyer. But where do you find them? Among your family members? Or among your employees, shareholders, suppliers or competitors? Maybe there is a smart investor who is interested. We divide potential buyers roughly into four groups:
– partner, shareholder or employee (MBO);
– starter or private individual (MBI);
– strategic buyer.
Below we briefly discuss these groups:
Succession by family is common. Although it used to be evident that children would take over their parents’ company, these days they are now increasingly opting for a different solution. Do you still choose to transfer the business to a family member? Then ensure there is an excellent communication between the parties and express the mutual expectations very clearly. Keep in mind that emotions in family businesses play an essential role in this and can also be a reason for escalating conflicts.
• Partner, shareholder or employee (MBO)
In a management buyout (MBO), 1 or more persons from the existing management group take over ownership of the company. MBOs have become significantly common recently. Of course, it is necessary that you correctly prepare the typical issues, such as the payment of the purchase price as well as the warranties. Furthermore, when drawing up the arrangement, pay additional focus on the moment of the transfer and to the method whereby you identify the worth of the business or the shares. Furthermore, it is essential that you meticulously debate as well as establish the payment terms. This way you ensure that the transfer runs efficiently.
• Starter or private person (MBI)
In case of a management buy-in (MBI ), an unknown manager takes over the firm or just only a part of the firm. The variety of MBIs has also increased substantially in recent years. Particularly managers who do not believe in their further promotion possibilities and also eventually want to become an entrepreneur are suitable prospects.
In the following situations it is often thought to transfer a company via an MBI:
-no successor is available in the family,
– the owner wants to ensure that the company continues to exist independently (acquisition by a strategic buyer is not a desirable option),
– the owner is willing to take the risk of a phased buyout.
If you consider transferring your company via an MBI, be critical and careful when you are selecting any candidates. This as a suitable MBI candidate is not only competent and reliable but also has sufficient financial resources to finance the takeover, whether or not in phases. Besides, it is very important that his or her personality appeals to you.
• Strategic buyer
A strategic buyer is usually the most professional party, and this option will most likely generate the best revenue from a business sale. They often also strives for maximum control. In this way, the buyer can organise the integration with his own (existing) business units as well as possible. Strategic buyers are often larger companies or chains of small businesses. For a strategic buyer, there are commonly several reasons to purchase. For example, think of:
– knowledge and access to new technologies (time and cost savings on product development),
– new products (increasing value added and market share),
– better control of suppliers and the distribution of goods,
– strengthening the market position (optimising turnover and profit),
– a more comprehensive product range or services (more interesting for customers),
– a larger purchasing volume (higher discounts on purchasing),
– saving on indirect costs, such as overhead, sales and administrative expenses, and better utilisation of the production equipment,
– better and more efficient use of the knowledge and skills of management.
Another option that can also be viewed as a strategic purchase or as increasing shareholder value is acquiring a shareholder in the form of an informal investor or a venture capital company, as these will also eventually aim for a sale of shares. This is initially an equity deal, but the owner can, together with the investor, take specific steps towards a planned business sale with a substantial additional yield.
Step 2: formulate buyer profile
You now know in which environs you can best search for potential buyers. Next is to make a clear profile sketch of the buyer. This states precisely the criteria the buyer must comply with. When drawing up this profile, keep in mind the following points:
– the needs of the company;
– interesting market developments;
– specific wishes.
• Looking for potential buyers
A business database will bring together supply and demand and is an excellent tool to search for potential buyers. Also, financial journals, google search, industry associations and conference exhibitor lists are used for seeking potential buyers.
In addition, it can be advantageous to approach a M&A advisor, as Asia Investment Services, as these experts are well aware of the demand on the business acquisition market and are therefore a very suitable partner in this phase. Based on the buyer profile, you will search for potential buyers.
An advantage of hiring an M&A advisor is that the first contacts and selections can be anonymous so that the company is not immediately known in the market.
• Compose longlist
Through the above search channels, you will undoubtedly find someone suitable candidates for your company. Now set up a so-called ‘long list’. On this list, you mention all suitable candidates. You also note all parties that may be interested but have not yet contacted you. The more important and more suitable candidate, the higher the position the candidates get on the long list.
Step 3: Approach candidates
• Approach longlist
By the long list, you can start approaching candidates by telephone and/or in writing. It is crucial that you first conduct a strategic discussion with each candidate to determine whether it fits within your buyer profile. Only suitable candidates you will provide some detailed information about the company. After all, it must first become clear whether your company is compatible with the buyer intentions whether you can rely on excellent further cooperation. Carefulness and confidentiality play a crucial role in approaching the candidates. Especially the first contact, but also afterwards, it is of great importance that the right information reaches the right person. This requires experience and expertise which a M&A advisor can offer you.
• Drafting and approaching the shortlist
If you have contacted the companies on the long list, you make a list of the most suitable candidates. We call this the ‘shortlist’. You approach these candidates with detailed information. Before giving this information and you reveal the identity of your company for sale, the potential buyers do have to accept and sign a NDA (Non-Disclosure Agreement), so confidentiality is warranted.
This way you protect yourself against misuse of confidential information because if this becomes publicly known, it can indeed have a negative impact on business operations and company sales.
A nice concomitant is that the potential buyer with this confidentiality statement may feel somewhat protected against possible price increases because in the NDA could be a clause that it is not allowed for you as a seller to inform third parties that you are in the negotiation phase with a prospective buyer.
As mentioned, for approaching candidates it is very useful to hire a M&A advisor. In the first place, this expert identifies in a discreet manner which potential buyers are eligible. In the second place, it conducts conversations with potential buyers for you. This way you prevent any emotions from disrupting or influencing the process. This link is also providing an extra guarantee for the desired anonymity. For example, you avoid unnecessary risks concerning unrest among staff and customers.
Phase 4: Completion
The first contact with the potential buyer has been made, and he/she is apparently interested in your company. Now exciting times are breaking in: the negotiations. The transfer is in an advantage stage if the buyer will agree to the transaction conditions.
Step 1: Negotiations
During the negotiations, you try to reach an agreement with the some (max 5) buyers on numerous matters. Of course, the sales price plays an important role, but there is more. It is of great importance that you agree on the strategic advantages of the transfer, the time of transfer, the role of you as a seller after the transfer, the conditions, etc. You will start by discussing the various starting points and try to get an agreement on the principles before going into the details. For example, you must agree on the valuation method used. Only enter the exclusive negotiation process with 1 candidate if you are almost sure that you have reached an agreement with him/her about the price and the other conditions.
• Negotiation team and strategy
Negotiation is a profession and good negotiation strategy is crucial. It is therefore highly recommended to get some assistance from a M&A advisor. Even better and it would be more sensible to leave the negotiation entirely to such an expert. In the first place because M&A advisor has the specific knowledge and skills, but also is not emotionally involved in the transfer. It can, after all, go very hard and unpleasant in negotiating. If this causes irritation to you as the leading salesperson, this may lead to disruption of the negotiations.
• Participate in the negotiations
Do you want to be involved in the negotiations yourself? Do not approach the potential buyer too offensively, and be open and honest. Also, provide information about the less positive aspects of your business. The buyer knows how to trace it anyway; it is, therefore, better than you inform upfront.
Be subtle, because you do not want to frighten the buyer. Also, make a clear division of roles within the negotiation team and ensure that everyone is well informed about the strategy and tactics. Furthermore, it is very important that the negotiations take place at a location and time that are favourable to you.
• Legal advisor/lawyer
It is very important that a lawyer is involved in the final phase of the negotiations with the potential buyer. Indeed, the intention negotiations form will be the basis for the so-called letter of intent, in which all agreements between seller and buyer are stated.
Step 2: Letter of intent
All agreements you make during the intent negotiations with the buyer will be stated in a so-called ‘letter of intent’. This document will end the non-commitment of both parties. Although after signing the letter of intent parties can hardly withdraw. Still trust and sincerity, however, is needed to complete a transfer. Besides financing and the outcomes of the due diligence could still be a disruptive factor if negative issues will arise from this examination. If the due diligence does not show any adverse details and a party will cancel the transfer, the other party will have a claim for compensation for incurred costs and lost profits.
A letter of intent is not a standard contract, but the following topic will be stated in the agreement;
– sales price and payment method
– description of the deal
– confidentiality obligations
– transfer/ M&A team, current role owner
– time-schedule and follow-up procedure
– termination clauses
– due diligence execution plan
– information exchange in M&A process
– PR and shared information with employees, stakeholders and the market
– specific financial options for stakeholders
– indemnity obligations of the company
– prohibited activities pending M&A procedure
– sellers’ and buyer’s indemnification obligations
– disputes procedures
The letter of intent forms the basis for the final purchase contract. It is therefore of great importance that a lawyer has made the agreement.
Step 3: Due diligence
Throughout the financial and legal examination, the due diligence, the buyer checks the accuracy of the information he/she has obtained concerning the firm. The buyer could assess the entire firm throughout this audit. From financial statements and other financial information up to and also consisting of tax as well as legal aspects. In this way, the buyer can verify the value, the attractiveness and the risks, and also thus create a well-founded point of view concerning the price and even the other conditions of the transfer.
• The benefit of a due diligence
A wise purchaser always has to carry out due diligence. To begin with, since it exposes any concealed flaws. However, furthermore, the report that accompanies this audit is additionally an extremely suitable accountancy statement for financiers as they request complete and also well-founded information about their financial investment. Moreover, the purchaser reinforces proof, a specification of the sales proposition. In the event of a possible (future) conflict, the court could merely examine the info offered by the seller on the basis of the due diligence report.
• Relevance for the seller
It could likewise be necessary for you as a sales representative, possibly along with your accountant, to log specific items in writing. You are obliged to inform the purchaser concerning all realities that you understand are crucial. On the other hand, the buyer has a responsibility to investigate: he needs to check presumptions before he decides to accept the takeover. By accomplishing due diligence as well as stipulating guarantees, the buyer aims to limit the risks as much as possible.
Step 4: Purchase agreement
The buying party is usually responsible for formulating the acquisition deed. The signed letter of intent will be the base for this.In the acquisition deed, the purchase price is determined, in addition to a spec of the movable goods and fixed assets involved and also the mutual warranties in case of possible conflicts. Typically the buyer will provide a legal representative for composing the purchase deed. For you as the selling party, it is also crucial that you are aided by an attorney before you authorise the acquisition deed.
Step 5: Transfer
The final step of the completion phase is the actual transfer of the company. If you transfer a private or public limited company, you need a notary for this (although this may also depending on the country laws). The transfer is confirmed by the signing of the acquisition deed, the passing of the deed and the (partial) receipt of the purchase price. An asset-liability transaction, in general, can be arranged by a lawyer.
Phase 5: Post transfer
It’s done. Your business is in the hands of someone else. Nevertheless, you still have to take some important actions after the transfer. In the first place, it is, of course, important to say goodbye to your company, your staff and your business relations in an appropriate way. You also have to prepare for your new life. Such essential steps that require a right approach. Therefore take the time for it, and we suggest to let a mediator or coach help you with this emotional process.
• The farewell
The transfer only really feels final when you have said goodbye. In the first place of your company and colleagues. The people with whom you worked together for years will soon see you much less or maybe not at all anymore. This can have a lot of impact both for yourself and for your colleagues. In addition, it is, of course, essential that you also accurately inform your business relations about the transfer. You can assume that most contacts find it a shame that you step out. Inform them carefully about the transfer. This can be done by letter, but it is even better to visit them personally or even better introduce your successor. This is especially true for the relationships with whom you have worked intensively (and for a long time and have a major impact on the revenue).
• Adjusting life rhythm
Now that you have definitively taken a distance from your company, you will have to deal with a different life rhythm. That is and will be a big changeover. Make sure you are well prepared for that. Start making plans in time for the period after the transfer. To make the changeover a little more comfortable, you can choose to stay with the new management for a while, for example as a consultant. But you can also offer yourself as a part-time consultant to other companies. After all, your expertise is welcome in many places. By making such an intermediate step, you gradually prepare yourself for a new rhythm of life.
• Financial planning
Solid financial planning is also essential. If all goes well, you will have a considerable amount of money after the transfer. You may also have other investment, for example, in addition to your private assets. You then have an income and a capital position. In phase 1 of the transfer process, you already determined how much income you need after the transfer. Now that the transfer has been completed, you define together with your financial consultant or bank how to secure this income and how you cover the financial risks responsibly.