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Earle - Business Advisor : If you're like most business owners, you haven't spent much time thinking about retiring - you've been too
busy running your business. But planning now is essential to ensuring your financial security in the future - no matter how old you are!
Your business succession plan is important. It defines how you will exit from your business and transition into retirement with minimal
disruption to your business. Here are some things to consider as you build your plan: How much money do you need to retire? And, will
the sale of your business support your planned lifestyle? These are important questions to consider when going through your succession plan.
You'll have to determine how much your business is worth. Whether you do this on your own or hire a professional business valuator, knowing
what your business is worth tells you if you're on track to retirement or if you have to make some additional investment to reach
your future financial goals. Who will you pass the business on to? A family member, an employee, an outside buyer? And how
would you like them to finance the plan. Do you want someone to purchase it outright? Or transition it over time? Will you require the majority
of money up front or are you willing to receive payment over time? Also, what sort of tax implications, from the transfer, will come into play?
To help you sort through this, it's best to bring in your accountant and lawyer... they're the experts, so plan to include them as well.
Getting yourself ready to move into the next stage of your life is key, and having a succession plan in place that maps out all the details
will ensure that you're leaving your business in good hands. Planning now just makes good sense. For more information,
download your free guidebook on succession planning. Visit the link provided at the end of the video to start your plan today.