Today’s Prep:
What happens when you want to retire as a business owner? Eric talks through some things to consider as you look ahead toward that transition.
Equipping Points:
When you’re a business owner, you put your heart and soul into your business. There’s a lot that goes into starting and running a successful business. When it’s time to retire though, how can you make sure your transition goes well?
You have to be able to find someone to buy the business and at the value you think it’s worth. When you’re the owner of the business, there’s a certain amount of value that you bring to that equation that’s hard to transfer to somebody else. The longer you’ve been in your business, the harder it gets.
Amidst a volatile market, you might be nervous about selling the business at the right time. Depending on what kind of business you’re in, you might transition slowly or create a succession plan. Some don’t want to retire fully, but instead have more flexibility.
Some businesses go on to the next generation. If your kids are involved in the business, they might naturally take it on once you’re ready to retire. But sometimes that isn’t the case. Make sure that your retirement plan takes into consideration your succession plan. As a business owner, Eric understands what you’re going through and can help as you make these plans for your business into your retirement.
Listen to the entire episode or skip ahead using the timestamps below.
1:04 – If you start a successful business, will you be set for retirement?
5:30 – How will you sell it?
9:02 – Are you planning on the family taking over?
Today’s Takeaway:
When you’re the owner of the business, there’s a certain amount of value that you bring to that equation that’s hard to translate to somebody else.
-Eric Peterson
Related Resources:
Financial Things We Can All Relate To
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