I have put in motion to sell my business. Started it over 20 years ago. I'm 54 DW is 61 and retired. Quite a mental shock when it really comes to doing the deed. Situation is a follows
Sale price 2.5M, getting chk at closing for 1.9M tax should be about 600K. Will be owed 600k over the next 4-6 years depending on profit of business in future. Also will be owed over 500K in receivables over next 12 months. Staying on at 130k per year for a couple of years. They are paying healthcare for at least 24 months. Our finances are as follows before sale
No House payments
No children to support
5.5m in cd's / fixed annuities at 3% al due in 3-10 years
800k in muni bonds avg 3.2%
650k in ira / sep vehicles
150k for bills / etc
I don't know why the mental block. I should be happy, but I am worried. I need some advice on where to put the money I will be getting within the next few weeks. Very conservative in the past, but would like a better return.
Sale price 2.5M, getting chk at closing for 1.9M tax should be about 600K. Will be owed 600k over the next 4-6 years depending on profit of business in future. Also will be owed over 500K in receivables over next 12 months. Staying on at 130k per year for a couple of years. They are paying healthcare for at least 24 months. Our finances are as follows before sale
No House payments
No children to support
5.5m in cd's / fixed annuities at 3% al due in 3-10 years
800k in muni bonds avg 3.2%
650k in ira / sep vehicles
150k for bills / etc
I don't know why the mental block. I should be happy, but I am worried. I need some advice on where to put the money I will be getting within the next few weeks. Very conservative in the past, but would like a better return.