A comfortable retirement depends on the successful transition of your business. Yet with so many daily responsibilities, it’s difficult to devote time to planning when or how you will step away from your business.
Different succession strategies may include pros and cons:
- Is it too risky to assume the proceeds from the sale of your business can fully fund your retirement?
- Do you have the proper agreements in place to pass the business to a family member, partner, or key employee?
- How will you find the right buyer and know you received a fair price?
Before making any important decisions, it’s critical to know the market value of your business, including your current and projected revenue and your assets.
Working with an adviser to determine what your business is worth today will support your succession planning goals in the future.