Your role post sale

Once you find a buyer for your business, you’ll have to figure whether your role at the company ends once the sale closes, or if there’s still a place for you at the firm you helped create.

Here are three real examples of how business owners transitioned into new positions after they sold.

1. A vendor was asked to remain available for 90 days on an informal consulting basis. She wouldn’t receive any compensation, nor would she have responsibilities beyond responding to e-mails and phone inquiries. She didn’t want to stay on but her availability was a requirement of the deal. In the end, she enjoyed staying on because she found “being somewhat involved for this period, but with no direct responsibility or stake in the outcome, allowed me to gradually let go of the company and ease the emotional shock of the sale and retirement.” 2. Two owners, a husband and wife, were required to report to work for at least 90 days to provide direct assistance to the buyer and company staff for a fixed number of hours per week. The buyer requested this to ensure a smooth transition and because he wanted introductions to key customers and suppliers. The buyer also wanted help with the turnover of the finances. 3. A pair of clients sold their business but wanted to keep working full-time in a senior capacity. The buyer wanted this too, so they entered into formal employment agreement. One of the sellers remained for a year but then chose to leave in favour of retirement. The other seller remains in a senior capacity with the purchaser.

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