As you’re nearing your potential retirement, you may think it’s time to kick back and relax. But if you’re the owner of an established successful business, there should be a lot more on your mind.
For most Americans, after they’ve worked hard for decades and reached their 60s, it’s time to start planning their retirement party. That might be the case for you too, but you might have one gigantic factor that others don’t. You have your very own business to worry about. You can’t just “retire” and let your company rapidly fail. There are a few things you need to consider before making these major life changes.
Here are some important things established business owners should consider before they leave the workforce for good:
Do you want to pass the company on to an employee or family member?
If you truly want out, you should sit down and really think about the future of your business. Since you likely were with this company from the beginning, you don’t want just anyone to take over after you’re gone. Whether you want to sell or pass on your company to a friend, coworker, or family member, be sure to carefully consider every potential successor option so you can relax during your retirement knowing your company is doing just fine.
Who can offer the best help selling a business?
If you do decide to sell your established company, you need to seek professional assistance so everything doesn’t fall on your shoulders. When selling a company, experienced business brokers should be the very first people you call. These professionals are great for help selling a business because they are experienced with all kinds of business acquisitions and sales, so they will be able to help you get a fair price for your established company.
Are you taking your family’s future into consideration?
You should always discuss these major life decisions with your family because they often directly impact them as well. It’s ultimately your final say, but it’s best to at least ask for their input. In fact, according to a 2014 survey of business owners, only 32% had discussed exiting their companies with their respective families. If you want to avoid serious issues, make sure to talk with your family before these major decisions.
If you need professional help selling a business in Florida, contact Aberdeen Advisors today. Don’t let what should be an exciting time in your life fill up with worry!