Check out these three tips for selling your business before you retire.
When it comes time to retire, you must make an important decision about the state of your business. If you think selling your business is the right decision, it’s essential to prepare early, as detaching yourself from your business can be a complicated process. If you feel ready to sell your business and retire, continue reading for a few essential tips!
Plan Early
It may be difficult to know when is the best time to finally retire. A large part of this decision depends on your financial planning, and you must answer a few essential questions- When did you begin your 401 (k), IRA or HSA? Are your monthly payments enough to compensate for your lifestyle? It’s often helpful to meet with an accountant or financial planner to go over your finances and create a retirement plan.
It’s also never too early to start planning the sale of your business, as it can be a long process. Take the time to do your research and educate yourself on the complexities of the business sale process, as well as the emotional aspects that come with selling a business.
Find Out What Your Business Is Worth
The next step is to figure out how much your business is worth to prepare for sale. Start by contacting a business broker, such as Atlantic Business Brokerage, to conduct a formal valuation. At ABBI, our initial analysis of your business is free of charge, and you are under no obligation to work with us after contacting us. We will give you our professional evaluation of what your business is currently worth and review what sale options are available to you based on your intentions and circumstances. From there, we would be happy to work with you and will always have your best interests in mind throughout the entire sale process.
Future Planning
While ABBI handles the sale, you will have time to plan for your future. Take into consideration how your life will change once you retire, and how you plan to spend your days. Retirement should not be a scary situation- your time is all your own, and you can spend it however you’d like! Take up a new hobby that brings you joy, volunteer in the community, or enroll in classes to learn something new. As you get excited about retirement, ABBI will handle every step of the selling process, from finding qualified buyers, negotiating on your behalf, to preparing closing documents, to ultimately consummating the sale for you. If you’re planning to retire soon and are interested in selling your business, call today to let Atlantic Business Brokerage show you what we can do for you!
Sell With Atlantic Business Brokerage, Inc.
At Atlantic Business Brokerage, our mission is quite simple; we help sellers sell businesses, and buyers buy businesses! Over the past 30 years, ABBI has facilitated the sale of countless commercial properties, businesses, and franchised locations. With our unparalleled knowledge of the business purchase and sale industry and our network of contacts, we offer services to both buyers and sellers that no other brokerage firm can match.
Contact us to discuss your business buying and selling goals today at 410-561-9800, or Toll-Free at 800-279-7569. Email us at [email protected], and follow us online on Facebook and LinkedIn.