Retire With Confidence
“Don’t Expect to sell your business to fund retirement” reads a 2019 SmallBiz article or how about the New York Times who said in 2013, “Selling a business to cover retirement? Don’t Count on it”. Ouch.
The facts are in and they are scary. The thought that the typical business owner has 65-85% of their net-worth tied up in their business and that the overwhelming majority of businesses will not sell is daunting. Further still, even the businesses that do sell, often do so for far less than what the seller expects and needs for retirement. Frankly, for most business owners, the odds are low that they will see the exit and financial gain they have been working for.
While the statistics are grim and warrant pause for concern, they don’t have to define you and your business. It is more than possible to enter into the sale or transfer of your business and ultimately retirement with confidence in the present and the future. It just takes some strategic planning on the front-end.
If you’re a business owner that’s counting on the enterprise value of your company to help fund a significant portion of your retirement here are the top 5 things to get in order to head into retirement with confidence.
Spend the time and money to get your busy ready for a successful exit.
Gain clarity on what you’ll do when you’ve moved out of your business.
Surround yourself with a team of experts that will help you make the transition (attorney, CPA, wealth management, family office, etc)
Commit to continued excellence in the stewardship of your assets.
Understand the best ways in which you can use your lifetime of knowledge, time and treasure to leave a legacy that will outlast you.