Are you ready to trade your suit and tie for golf clubs and a visor? In particular, I’m addressing the small-business owners out there. When you own your business, it’s not as easy as informing your boss that you’ll be retiring at the end of the year. Exiting your closely held business requires a significant amount of planning—even if you’re passing the torch to your children.
Essentially, exit planning boils down to employing a sound business strategy, and the earlier you start, the better the potential outcome. Exiting your business isn’t something you begin six months before retiring. Consider that most investors initiate retirement planning in their 20s and 30s by investing in their 401(k) or other retirement accounts. Business owners are no exception. Even if you’re a 40-year-old business owner, you should contemplate your retirement and the future of your business.
The Gwinnett Daily Post is a daily newspaper published in Gwinnett County, Georgia, and serves as the county's legal organ. The newspaper is owned by Times-Journal Inc. and prints Wednesday and Sunday each week.