As much as you love your businesses, you must admit that retirement is an attractive idea. You dream of relaxed mornings sipping coffee by a roaring fire or leisurely reading the newspaper on a sunny day with nothing calling us to abandon your leisure and get to work.
It can happen. For many of us, it will happen soon. But before we can fade into the glorious sunset of retirement, we have a job to get done.
We have to deal with the next step – what to do with the business.
Maybe you can’t yet imagine your business without you at the helm. It’s definitely hard to do. You’ve invested your life in the development of this entity. But whether you have five years or fifteen years before retirement, it’s important to start putting processes in place to ease the transition from a corporation you are 100% hands on with to a business that will become the responsibility of your successors going forward.
You need to start developing your exit plan.
No two businesses are exactly the same, and the design of your exit strategy will be as unique as the service that you provide. Here are four simple business succession concepts to consider in preparing your retirement plan.More