I’m Planning to Retire but I Own a Business: What Can I Do?

I’m Planning to Retire but I Own a Business: What Can I Do?

| March 28, 2019

If you’re a business owner, you know just how much work you put into your business. From long days at the office to networking, planning, working with employees, marketing, interacting with customers--your day is full of great but exhausting activities. While you may, and probably do, love your business and everything you’ve accomplished, owning and managing and business is something that you, unfortunately, cannot do forever. When it comes to planning your retirement, it can be especially difficult to figure out what you plan to do with your business. Luckily, you have options.

At The Herrera Group, we help business owners with their business exit strategies. We understand that you’ve built this business from the ground up and the last thing you want is for it to become unsuccessful just because you’ve retired. We’ll help you come up with a good plan so you can rest assured knowing you’ve done everything you can to ensure the success of your business.

#1: To Whom Will Your Business Go?

A huge part of planning your business exit strategies is to determine who your business will go to once you retire. Do you want to keep it in the family or pass it on to a team of dedicated, long-time employees who you trust to keep it up and running? Or would you rather bring on someone new to take the reins? Either way, answering this question is incredibly important.

#2: What Goals Do You Have For Your Business?

It’s important to set strategic goals for your business, both short-term and long-term goals that will help ensure its success. These may include sales goals, plans for growth, and how you would like your business to continue long after your departure.

#3: What’s Best For Your Employees?

When planning your retirement, it’s important to keep your employees’ best interests in mind, especially if you run a small business and they’ve worked directly with you. Larger businesses may see less impact, but it’s still important to keep everything in check for them.

#4: Do You Want To Keep Your Business Open?

Many business owners make the difficult decision of closing their business upon their retirement. This, too, is a long process, and may include breaking a lease, liquidating your products, letting employees go and providing them with severance packages, and so on and so forth. Thankfully, it’s another strategy we can help you with at The Herrera Group.

Contact The Herrera Group Today!

If you’re a business owner looking to plan your retirement, The Herrera Group can help you. Call us today to learn more about our services.