Retiring from your business: Crossroads Advisers helps you make the transition
By Chris Goebel, Owner Crossroads Advisers
Many business owners welcome the day when they can finally retire, but 83% have no transition plan.
Sadly, 75% of business owners regret their decision after they sell their business within a year. That’s often because they didn’t plan for post-sale life as well as they could have.
Generally, your business is ready to sell when you’re able to optimize its transferable value to a buyer. Are its financials solid? Does it have a management structure and/or a team in place for a seamless transition? Does it have a retainable customer base? Does it own intellectual property, like trademarks or patents?
How about your personal readiness to sell? That can be more complicated.
To increase your success as you prepare sell your business, two questions you should be asking are:
- Is the business ready to sell?
- Am I ready to sell it?
What do you plan to do with your time after the sale? Do you have hobbies or interests that you’re eager to explore? Will you be able to afford the lifestyle you desire in your retirement? Surprisingly to some people, the skills of running a business can be different from those required to manage personal wealth in retirement.
A common, but unexpected challenge may be the change in your social dynamic and loss of identity as the owner of your business.
As you ponder those questions and plan for a major life transition, you may want to seek advice from an experienced professional.
Chris Goebel started Crossroads Advisers after the sale of his family business. You can schedule a complimentary, one-hour consultation and business valuation with Chris by calling 216-202-4296. You can learn more by visiting CrossroadsAdvisers.com.