Retiring as a Business Owner
Baby Boomers make up the majority of business owners in the United States and most are poised for retirement in the near future. Many, however, have not even started to think about what will become of their business when they decide to step out. Having a viable exit strategy in this situation is paramount to the continued health of your business in your absence. There are many things to take in to consideration when making the transition from business owner to retiree, the most important of which is who will take over the duties of running your business. There are many options in just this one question, whether you plan to pass it on to your children, current management, or sell out to a third party. It is very important that you have a plan in place that sees to the best interest of everyone involved, especially making sure that you are going to come out of the transition well off and in a good financial position to sustain yourself in retirement. For more information on this topic, visit this article by John J Coyle Jr. with Baltimore Business Journal.
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