Now that I am old, someone asks me at least once a week, when am I going to retire? So far everyone is hopeful that I am not retiring soon, so that they don’t have to find a new accountant. My answers are the same as they have been for years. I either say that I hope to work for another 20 years or that I plan to die at my desk. However, my plan may not be your plan.
If you are a business owner, then you should have already figured out if you have a business that can be sold to others. Not all business can be sold. Some are one person businesses and when that one person plans to retire, there will be no value in the business. If you are planning to sell your business, you need a plan. It is a great idea to check the plan at least once a year.
As we are coming to the end of summer and the beginning of a new academic year, now is a good time to ask yourself some important questions:
· How long until I would like to sell my business?
· Am I doing what I need to do to make the sale happen?
· Have I established who the likely buyers could be?
· Do I know what my business is worth?
Have I compared what it is worth to what I need to retire?