Are you ready to retire from owning your own business? Find out what steps to take to sell your business and retire.
Retiring from a Business You Own
When you own a business and you’re ready to retire, you have two issues to think about: your retirement from work and your ownership in the business. Hopefully, you have set up retirement savings plans in the form of Roth IRAs or other investments, and if not, you’ll want to talk with your financial advisor. For the second half of that equation—retiring from ownership of a business—Emerald Coast Business Brokers can help with that.
Retirement when you own your own business works in one of two ways. You can either get out of the business gradually, by slowly selling off inventory and phasing out little by little. This can take months or even years—ideal if you have plenty of time to prepare for your retirement. But if you’re in a hurry, you may want to look to the next option.
The second option is to sell your business when you’re ready to retire. Finding a buyer, working through the negotiations and paperwork, and creating a succession plan can also take time and effort, which is why we recommend using professional business brokers throughout the process. Here is what it looks like if you are ready to sell your business and retire.
Prepare to Sell
If you’re ready to retire from a business you own, it’s important to prepare your business to sell. In order to do this, there is a lot of information you will need to gather for potential buyers. If you’ve ever sold a business, you know that the paperwork and records can be overwhelming to tackle on your own. The easiest way to prepare your business to sell is to contact a business broker like Emerald Coast Business Brokers. Brokers are experts at preparing businesses to sell, evaluating it, and creating realistic terms of sale that align with the current market.
Brokers like Emerald Coast Business Brokers specialize in taking care of the marketing plan for selling your business. We’ll find interested buyers who are prescreened to ensure they are legitimate buyers confidentially. A successful buyer search will locate potential buyers who have the skills necessary to buy your business. With expert advisors helping you find and prescreen buyers, this process will go quickly, allowing you to retire when you’re ready.
Once agreeable terms are reached (which can happen fairly quickly with the help of the trusted advisors at Emerald Coast Business Brokers), you will work with the buyer to create closing documents and execute a smooth acquisition. During negotiations, you will determine what your involvement in the business during the transition period will be. There may be training or other transitional activities that you will be involved in for a short time after selling the business. Once the transition period is complete, you will be free to live the retired life. Whether you plan on fishing all day, spending your free time on the green, traveling the world, or just finally being home with your family, Emerald Coast Business Brokers will assist you in making sure you don’t spend your retirement years attempting to sell your business. We’ll work to make the process smooth and fast so you can enjoy this time in your life.
Retire the Easy Way – Sell Your Business!
Instead of taking years to slowly liquidate your business, transition quickly into retirement by selling your business with professional brokers. The experts at Emerald Coast Business Brokers will guide you as you plan to sell your company. From start to finish, they will assist you in selling your business to a qualified buyer so you can maximize your profit and easily transition from owning your own business to retirement. Complete the contact form to speak confidentially with an expert about selling your business.