Dear Kim,
I have run a small business for 33 years now, and I have loved being a business owner. I am looking to sell & retire in the next few years. How do I set myself up for success as this chapter closes?
Sincerely,
End-Repreneur
Dear End-Repreneur,
Retiring from business ownership takes thoughtful planning, especially after 33 years of building something you’ve loved.
Start by clarifying your plans for the future of the business. Do you intend to sell it, transition it to family members or key employees, or wind it down entirely? And just as important, are you relying on the sale to fund your retirement, or have you set aside assets over the years outside of the business?
If you plan to sell, consider meeting with a qualified business appraiser or valuation expert to understand what your company is realistically worth. You’ll also want to think about who will handle the sale. Will you hire a broker? Is there a successor already in place? Planning can help you maximize value and avoid unnecessary stress.
If your retirement depends on the proceeds from the sale, take a close look at whether the expected value will truly support your goals. There are several ways to structure a sale, from a lump-sum payment to installment payouts over time. The right approach depends on your financial needs, tax considerations, and the buyer’s ability to fund the purchase.
With careful preparation and the right professional guidance, you can close this chapter confidently and step into retirement on solid footing.
Kim
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