Life After Business: The Retirement of an Entrepreneur
Posted by Tollfreenumber.ORG at March 29th, 2016
You’ve spent your life building your business. In fact, for most entrepreneurs their business is their life. So what do you do when it’s time to retire? And how do you know when that time has come? How you choose to retire is as important a decision as any, so we’re here to help by laying out your options in this easy to follow guide.
The first factor to consider is family. Are you married? Do you have children and/or grandchildren? Even though you may be ready to move on they may be interested in taking over the family business. Or, just as likely, maybe they have set their sights on another career path. Regardless, take some time to speak to your loved ones and discuss your plans. Take those communication skills that served you so well in your business and map out a your plan for the future.
If a family member would like to take over the business you’ll need to ensure their success by educating them on what will be required of them in order to keep the business properous. Odd are if they’re interested in taking over they’ve already spent time working for you and are at least somewhat familiar with the day-to-day operations. But understanding operations is not necessarily the same as managing them. A few months before your exit, take them under your wing and give them the tutelage they need to not only survive but thrive!
Of course, unless you’ve managed to save up a sizeable nest-egg, you’re not simply going to hand a business over like it’s a gift, even to a family member. Speak to a trusted financial advisor to hash out the monetary details of the business. You spent years working hard for your business, you should be compensated.
Selling Your Business
If family isn’t an issue you may want to consider selling your business to a third party. If you choose to do so, always consult with a trusted financial advisor. The right advisor will have the know-how to craft a proper buy-sell agreement to make sure you get the compensation you deserve.
Closing Up Shop
Some entrepreneurs choose a third option, closing up shop and walking away. As always, we would advise speaking to a financial advisor to help guide you through the process. You’ll need guidance to liquidate the business and recoup what capital you can before walking off into the sunset.
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