May | 2017 | ESOP Advisor Blog

Facing retirement, but not sure of the next steps for business transition?

You’ve spent your life building your business. You wear your successes and life lessons on your sleeve with pride. Yet with each ticking of the clock, you realize that time is passing by and that you must prepare for a future where you take on a different role in regard to your company as you pass the reins to your successor.

Where to start? That’s the big question! The idea of trying to prepare to leave something that you’ve invested so much into is tough to wrap your mind around. Breaking it down into manageable steps can seem overwhelming.

The truth is there is that there is no cookie cutter answer. Every business must prepare for its founder(s) to move away from an active role and for new leadership to step in. But what this looks like for each company will be as unique as the products and services each offers.

In seeking the right exit strategy for you, there are many options to consider. Some are better suited to your company’s specific needs than others. Here you will find a list of four directions forward for your business on the road to a successful transition as you prepare for your retirement years. Read more at: http://www.gbhcpas.com/blog/4-valuable-strategies-for-business-succession-planning

Looking forward to retirement, but not sure what to do with the business?

By Herbert Kalman 22 May, 2017 Retirement Planning, Wealth Management exit strategy, retirement planning

As much as you love your businesses, you must admit that retirement is an attractive idea. You dream of relaxed mornings sipping coffee by a roaring fire or leisurely reading the newspaper on a sunny day with nothing calling us to abandon your leisure and get to work.

It can happen. For many of us, it will happen soon. But before we can fade into the glorious sunset of retirement, we have a job to get done.

We have to deal with the next step – what to do with the business.

Maybe you can’t yet imagine your business without you at the helm. It’s definitely hard to do. You’ve invested your life in the development of this entity. But whether you have five years or fifteen years before retirement, it’s important to start putting processes in place to ease the transition from a corporation you are 100% hands on with to a business that will become the responsibility of your successors going forward.

You need to start developing your exit plan.

No two businesses are exactly the same, and the design of your exit strategy will be as unique as the service that you provide. Here are four simple business succession concepts to consider in preparing your retirement plan.

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