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I Don’t Know if I’ll Ever be Able to Leave my Business

Your worry: I don’t know if I’ll ever be able to leave my business

The issue: You’ve run your business for twenty or more years. Normal retirement age is looming. For the past several years you’ve thought that you’ll leave in about five years. Five years never seems to get any shorter and you don’t know what to do.

exit_planningYour Story:  You’ve been in business for a long time. You’re over fifty years old and you know you need to start thinking about getting out of your business.

You’ve been told that you should start saving for retirement and seem to never find the money to put into a retirement plan. You’ve been told what your business is worth to an outsider and you know that number isn't high enough for you to retire. You think you should know what to do. The truth is, you don't really know where to start.

You're involved in every decision in your business.  You wish you could trust your employees more. You also are worried about mistakes that they'll make if you're not there to look over their shoulders. Retirement just doesn't look any closer today than it was three years ago.  You're worried that two years from now retirement will still be five years away.

Issues you might have...

Problems: 

  • I don't know why I can't find a way to leave my business. 
  • I don't know what my business is worth. 
  • I don't know how to make my business more valuable. 
  • I want my children to take over the business and don't want to have my retirement plan at risk.
  • I don't know how I'm going to spend my time if I leave my business. 

Solutions: 

  • Do a financial plan that helps you understand your financial position. 
  • Find a way to do a business evaluation that tells you what others think your business might be worth. 
  • Start a process that evaluates what you need to do to make your business worth more. 
  • Find a way to train your children and make sure they're able to successfully run your business. 
  • Start working on what will be the new you after you no longer are a business owner. 
7 Steps of Leaving Your Business in Style