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Selling Your Business as a Retirement Plan: 3 Factors to Consider

Mon, Mar 13, 2017 at 3:28PM

Selling Your Business as a Retirement Plan: 3 Factors to Consider

If you're wondering about selling your business in retirement, you're not alone. This time is all about enjoying a well-earned break, spending time with family, and seeking out new passions--so it's surprise that you (and business owners across the country!) would want to sell.

Below, take a look at three key factors to keep in mind as you pursue this exciting next step.

External forces that shape your decision

Before you make any big business decisions, ask yourself the simple question of why you want to sell your business and retire. There, of course, can be any number of reasons--from wanting to spend more time with family, to searching for financial security--with all of them being valid as long as they make sense for you!

What you want to avoid is any stigma or feeling that you need to sell at a certain age or stage of your business. For some people, retiring is a natural (and highly-anticipated) next step--for others, however, the daily involvement of running a business they love is something they aren't ready to part with just yet. Make your decision based on what your dream retirement looks like, and go from there.

Your new source of income

As is the case with any business deal, you'll want to know your financial situation going in (so that you have a better idea of what to expect coming out of it!). This means evaluating the price your business could sell for, and whether or not it would be enough to sustain you throughout your retirement.

Choosing your business legacy

A big part of selling a business, for many soon-to-be-retirees, is choosing what kind of business legacy they want to leave behind. For many, the successful sale of a business--one who's worked its way into the local community--is a meaningful legacy in itself. For others, they might consider passing down the business to family members or others who have put work toward its success. Either way, these are great options to consider as you look toward retirement.

When selling your business, it always helps to have someone on your team who can help you find (and achieve) the perfect offer for you. At BizVolusia, we look forward to helping you achieve your business goals for retirement--whatever they may be!

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