A person’s first move after selling a company should not be to take action. Instead, they should take a breath and evaluate before rushing off to invest or spend. Selling a business can be both distracting and exhausting. Keep your money in a safe, secured account for a few months in order for you to start planning. Do not make any fast decisions with your money.

• Get organized. Locate important documents, keys to safety deposit boxes, financial statements, and other necessary information. It is essential that you create a list of the location of all-important information and give the list to someone you trust.
• Build your financial planning team. If you do not have one already, you will need a solid team with an accountant, estate planning attorney and a financial advisor whom you trust. Make sure that these people have your best interest in mind and are required to act as a fiduciary to you. If you feel like you are being pushed into something that you do not understand or want, take a breath and slow down the process. If you do not understand something – ask. If your team isn’t responsive and supportive, make changes.
• Get an estimate of the taxes owing and when. You need to obtain an estimate of your tax liability. It may be due over several years and some may be deferred indefinitely. There are many strategies available, including philanthropy, and you should understand each. Focusing on these issues may be the best way to increase your net worth in the short term.
• Do an audit of your current estate plan. It is very likely that your estate plan, including your will and insurance, do not align with your new circumstances. Does your will include provisions dealing with shares of a private company now sold? Are your current executors capable of handling the complexity of your new affairs? In our view, these are immediate concerns. You should make the necessary changes so that your current plan works. More sophisticated changes can wait.
• Review your liability protection. Now is the time to review what exposure you have to liability. You now have significant assets that someone could go after. Make sure you have adequate primary and umbrella insurance coverage. Analyze whether you are exposed to personal financial risk in any other businesses you own—for instance, if you are involved in general partnerships or sole proprietorships — get out of those quickly by incorporating or forming an LLC. If done properly, incorporation can ensure that the entity is liable, rather than you personally.
• Draw up a new balance sheet. Your money may be in several places such as a family trust, a holding company and several family accounts. You need funds for day-to-day living expenses, and you need to understand which funds are best accessed from a tax perspective. You may be surprised to learn that the funds in the family trust belong to the beneficiaries (i.e. your wife and kids). A detailed balance sheet will give you an accurate overview and help you identify issues that require immediate attention.

• Hedge your bets. If you received stock instead of cash as a result of the sale of the company, immediately determine the best way to hedge against a downside on the stock you receive. There is no worse feeling than walking away with what you think is a significant return, only to see it evaporate when the stock you received starts to plummet.
• Determine you annual spending needs. Set up regular monthly deposits into your bank account for your spending. This ‘paycheck’ should help you to stay on budget. 
• Build/Manage an investment portfolio to meet support your lifetime spending and estate planning goals. Make sure that your plan addresses disciplined risk management, proper asset allocation and income taxes. 
• Consider Gifting. Gifting is a means of giving money tax-free (subject to limits) to any person you choose. This tactic is a way of shrinking a large estate to help your beneficiaries avoid significant estate taxes.
• Consider setting up educational savings plans. Much like a 401(k) is a savings plan for retirement, a 529 plan is a college savings plan—except you set these up personally rather than through your company. These state-sponsored savings plans let you build up tax-free savings for tuition in any college or university in the country. Funds from 529 plans can also be used for qualified K-12 tuition expenses. You will owe taxes and penalties if you use the savings for non-qualified purposes.
• Make a list of things you’ll buy or pay off with a portion of the money. That way, you can avoid making unwise emotional purchases. It is recommended to let the money rest six months before making any purchases over a pre-determined amount.
• Develop an approach for loans to family. You may be asked for a loan by a family member or friend sooner than you think. They may think that the loan is trivial to you. Sadly, they may feel the same way about repayment. Do you take security? Or document the loan? Will it set a precedent? These are sensitive issues. A simple solution? Buy yourself time by telling them that your money is tied up with your advisors.

• Stay true to your values. People may start to treat you differently. You might think that you should live differently. Focus on what is important to you. Your values will help guide you through these challenges.
• Communicate your new reality to key family members. Much can change as a result of a sale and misunderstandings can easily arise. Recognizing this possibility can help you avoid unpleasant consequences. After all, the sale is a positive event.
• Practice self-control. When the proceeds from your sale hit the bank, make sure you follow the investment plan you’ve put in place. 
• Review your financial plan periodically. You should review your plan regularly (quarterly in the early stages and at least yearly once you are in a comfortable routine).

By following these guidelines, you can ensure that your hard work in starting, building, and selling your business will be an enduring benefit for you and your family.