Selling Your Business To Help Fund Your Retirement
Reading Time: 2 MinutesLast Updated: September 21, 2023
Most business owners are hyper-focused on growing their business and legacy. But at some point, they must consider and plan for their exit and retirement. If you are considering selling your business, there are some steps you should take now to set yourself up for success later. The NAWBO | National Association of Women Business Owners (NAWBO) can help you understand your options.
Women business owners should consider a number of factors when preparing to retire. For example, experts recommend starting the process 3 to 5 years before the date you want to stop working. If you wait until you’re 70 years old or older, it might be too late. You may not have enough money or time available to position your business for sale.
After several years in business, a company will hit a stage of maturity when owners can focus on long-term goals and strategy. This is a great time to start thinking about questions, like:
- Are you going to close your business?
- Will you give your business to someone?
- Will you sell your business to someone?
How you proceed at this stage can affect your future wealth. That’s why it’s important to consider how Social Security fits into your retirement. Social Security benefits are part of the retirement plan of almost every American worker. Since there are specific rules for business owners, make sure to speak with your financial advisor or accountant before applying. You can also learn more about Social Security in retirement for business owners by visiting the Social Security Administration’s website and checking out their publication, If You Are Self-Employed.
One of the biggest mistakes business owners make – aside from starting too late – is having no plan at all or unrealistic expectations for selling their business. Perhaps you’ve compared your business to similar businesses and come up with the wrong value for sale. This is where an expert can help—giving you sound advice and helping to manage your expectations.
Lastly, retirement can be tough for you after years of putting your heart and soul into your business. Your business can often become a major part of your identity. Once you retire, use your free time to find what fulfills you. Don’t overcommit. Stay engaged with your network. Acknowledge your feelings, then decide how to move forward!
Our posting of this blog does not constitute an endorsement or recommendation of any non-Social Security organization, author, or webpages.
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Tags: full retirement age, retirement, retirement benefits
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nixon
This was the best article I have read on retirement
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Very valuable post
Daniel L.
I appreciate any and all help with trying to determine who and how to proceed with the actual likelihood of my business being attractive enough for another person to make use of my existing business setup, which includes a website and Yelp account, a well set up and maintained truck, the best equipment available, as well as the various sundries. Then I have established long term satisfied commercial and residential clients.
Then modernize it to what the new owner can make best use of and create a business that is, and always be, a lucrative and prosperous service of which will always be needed. Seeing as the demand for hardwood and laminate flooring has been around for centuries and I highly doubt that these services will ever cease to exist…
However, I’m not seeing any reference of whom I would contact as a broker, or better yet, an interested party to contract directly?
Any suggestions in this area would be greatly appreciated?
Thanks,
Dan Leptich
Westend Hardwood Flooring, Inc.
Seattle and Bellevue, Wa.
Canon P.
The blog post titled “Selling Your Business To Help Fund Your Retirement” is a true gem for anyone who finds themselves at the crossroads of entrepreneurship and retirement planning. This informative and well-written piece offers valuable insights and guidance on a topic that is often riddled with uncertainty.
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Chris
Every person you talk to about selling has a different opinion and head hunters get to much. Any suggestions for determining the value?