How to Retire and Sell Your Business
Five Steps on How To Retire and Sell Your Business
Some people, before they reach the retirement age, opt to establish a small family business in order to provide for themselves and their family members. If managed properly, this can be of help them greatly as the earnings and profits they gain from this business can be of great assistance for everyday needs once the breadwinner retires from work.
Retire Sell Business
However, due to various reasons (e.g. a family member had a serious disease, weakening economy, etc.), some people are forced to sell their family business at some point in time. Selling businesses, however, is no simple task. In fact, it is a lengthy process that will take a lot of time from the seller. And if not done correctly, you may end up with huge losses that will severely impact you mentally.
Fortunately, according to Michael Schwerdtfeger in his intereview with Andy Asher and bloomerboomer.com, it is possible for a pre-retiree to retire with their assets intact and even gain huge profits in turn. This, Michael explains, is only possible if you follow these five steps of his:
- Plan for the future of both you and your family and your business.
If you are planning to sell your business later on in the future, plan ahead. It doesn’t matter if that “future” is tomorrow, a few months later, or even 5 years later; plan ahead so that you will get huge profits at best and small losses at worst.
- Try not to be emotionally connected with your business.
While it is indeed hard for you to sell the business you have long nurtured and taken care of, severing your emotional connections with it can be very beneficial. However, if you feel that having an heir to your business is better than selling it altogether, then do so if your heart says so.
- Get in touch with a financial expert.
If you want to get the most out of your business should you decide to sell it later on, it’s a great idea to seek help from financial experts such as Michael himself. They will help you in transitioning from managing your business to selling your business to another person or company. Follow their advices as it will help you in getting more out of you selling your business.
- Continue to manage your business properly.
One mistake most business owners looking to retire and sell their business is that they neglect to take care of their businesses. Their most common reason for this is that they will sell it anyway. However, do keep in mind that no buyer will want a business that does not earn well. Continue to manage it properly so that you can attract plenty of buyers.
- Hire a financial expert.
Category: Articles, Retirement Planning
