Business exit planning: How to prepare and thrive in your next chapter

Tom Solly
Director, Wealth Manager
RBC Brewin Dolphin

Selling your business is a defining moment. It’s a chance to unlock the value you’ve built over years, perhaps decades, but it also marks the beginning of a significant transition.

“Stepping away from a business you’ve built can feel like uncharted territory,” says Tom Solly, Wealth Manager at RBC Brewin Dolphin. “It’s not just about the financial aspects – it’s about charting a fresh course and finding renewed purpose in the next chapter of your life.”

Start planning early

The road to a successful exit begins with early planning. This allows you to maximise your business’s value and create a roadmap for your post-sale life.

“We recommend starting the planning process at least two years before you intend to sell,” says Solly. “This gives you time to prepare your business for sale, implement tax-efficient strategies, and, just as importantly, envision what you want your life to look like after the exit.”

Key steps include:

• Diversify your wealth: start shifting your wealth from your business into personal wealth through pensions, investments, and liquid assets to reduce risk.
• Track your spending: align financial decisions with your habits and values.
• Seek professional advice: work with specialists to optimise your business exit strategy and minimise tax liabilities.

Navigating the sale

Selling your business is complex and requires careful planning. Preparing your business and working with the right team can make all the difference.

“Assembling a trusted team of advisers is one of the most important steps,” says Solly. “This typically includes a corporate finance adviser, a tax specialist, and a wealth manager. Together, they can help you navigate the process and achieve the best outcome.”

Key considerations include:

• Valuing your business: work with a corporate finance adviser to assess its value by reviewing financial performance, market conditions, and growth opportunities.
• Preparing for sale: streamline operations, address risks, and ensure financial records are in order. A well-prepared business attracts better offers.
• Finding the right buyer: whether selling to trade, private equity, or family, consider not just the financial offer but also the buyer’s vision.
• Negotiating terms: define key terms such as price, payment structure, and any ongoing involvement.

“Timing is also crucial,” Solly adds. “Market conditions, industry trends, and your personal readiness all play a role in determining the right moment to sell.”

Prepare for life after the sale

Selling your business is just the beginning. The next step is creating a fulfilling post-sale life.

“One of the biggest challenges for business owners is shifting from accumulation to enjoyment,” says Solly. “Many struggle to embrace the freedom they’ve earned because they haven’t planned for it.”

These steps can help ease the transition:

• Rehearse your future: experiment with your ideal lifestyle before the sale. Travel, explore hobbies, or spend more time with loved ones.
• Create a cashflow strategy: start thinking about what your life after the sale will look like – and what it might cost.

After the sale, resist rushing into new ventures or investments. “We often see founders feel pressured to act quickly, whether it’s reinvesting capital or starting a new project,” says Solly. “Your post-exit life is a rare opportunity to pause, reflect, and align your next steps with long-term goals. Give yourself at least six months to adjust before making big decisions.”

With thoughtful planning and the right support, your business exit plans can be a launchpad for a financially secure and rewarding next chapter. “At RBC Brewin Dolphin, we’ve guided countless business owners through this transition,” explains Solly. “The ones who thrive take the time to prepare – financially, emotionally, and mentally. It’s not just about what you’re leaving behind; it’s about what you’re building for the future.”

The exit countdown: A framework for founders

Planning your business exit can feel daunting but breaking it into steps makes it manageable. Here’s a condensed timeline to guide you.

Two years out: Rehearse your future

Start shaping your post-exit vision by asking key questions:

• Place: where will you live? Will you stay put, relocate, or split time across locations?
• Pastimes: how will you spend your time? Consider travel, volunteering, supporting other businesses, or pursuing hobbies.
• Philanthropy: what causes matter most to you? How will you contribute – capital, time, expertise, or all?
• People: which relationships will you prioritise? Think about family, friends, and your network.

It’s also important to take stock of your finances, tracking your spending to align decisions with your values.

A year out: Clarify the ‘how’

With your vision clear, focus on practical steps:

• Diversify your wealth and organise your finances – shift wealth from your business into pensions, investments, and liquid assets. Consider tax planning as part of this process.
• Plan cashflow for a post-sale life.

Six months out: Prepare for the next stage

As your exit nears, start practising your post-sale life:

• Test your freedom by spending time in desired locations and exploring new routines or hobbies.
• Shift your mindset from accumulating wealth to drawing it down.
• Tidy up details like moving personal contacts off work emails and backing up files.

Life after the exit: Take it slow

Post-sale, give yourself at least six months to reflect before making big commitments. This adjustment period helps you transition from risk taking to risk management and from working for money to living with purpose. Intentional planning now can help you achieve the ultimate balance of time, money, and freedom.

Next steps

Whether you’re growing your business, preparing for an exit or planning your post-sale future, we can support you at every stage of your journey. Let’s start the conversation – because your next chapter should be as rewarding as the one you’re leaving behind.

Find out more from our dedicated support team by calling us on 020 3318 0000. Opening hours are Monday to Friday 9am to 5pm.

---

The value of investments, and any income from them, can fall and you may get back less than you invested. This does not constitute tax or legal advice. Tax treatment depends on the individual circumstances of each client and may be subject to change in the future. You should always check the tax implications with an accountant or tax specialist. Information is provided only as an example and is not a recommendation to pursue a particular strategy. Information contained in this document is believed to be reliable and accurate, but without further investigation cannot be warranted as to accuracy or completeness.

---

---