Is Your Business Your Retirement Plan?
If you are a business owner, you probably had certain things in mind when you first started or bought your business. In addition to the mission of the company, you had a vision of a life that your business would provide for you personally… Time, Money and Freedom, and a certain lifestyle for you and your family in retirement when it was time for you to exit the business.
If you are like most business owners, you have spent a lot of time on plans and goals to grow your business. But have you spent an appropriate amount of time on your exit from the business?
Here are a few questions to ask yourself to determine if your exit strategy is sound.
Who will take over when you retire?
Are they prepared? How will you get them there?
Will the sale of your business fund your retirement?
How much will it bring?
Is this your number, or the Market’s number?
Will that be enough?
If you are selling, is the business ready to sell?
(Hint: If you are doing everything in the business, it’s not ready)
What about transition to a family member?
Who will take over?
Are they ready?
What about the rest of the family? Do they get a piece of the pie?
These few questions are just the tip of the iceberg regarding all that is involved with selling or transitioning your business. And like most things in your business, it takes time to put a plan into action.
Don’t wait until you are ready to retire to get ready to retire.
At TAB Central Alabama we help business owner achieve more success, more quickly by facilitating Peer-Advisory Boards, and providing strategic planning advice. … Including Exit Planning.