As a business owner, yourbusiness and your life are pretty hard to separate. The odds are that yourassets are solely bound up in the company, and you might even plan to fund yourretirement by selling the business. Not so fast! Is your business even sellable?
This was the advice given in arecent New York Times article titledâ€œSell a Business to Cover Retirement? Donâ€™tCount on It.â€
When it comes to your business,you might be OK with the idea that it is empowering your financial life (or isit your life that is empowering the business itself?). Regardless, there willcome a time when you and the business must part. This will be one of the mostimportant events in your life and in the life of your business. Question: willthis even be planned or just happen?
If the business is your greatestasset, you are just going to sell it and live comfortably in retirement, right?Perhaps. What if it is not worth as much in the market as it is in your mind?
If the business is yourprincipal retirement asset, then knowing its value and preparing it for thetransition is of utmost importance. This transaction will determine your futurewell-being and perhaps the future well-being of your entire family for a longtime. Accordingly, this transition will take structuring and forethought.
Will your business be yourretirement? If yes, then it is never too early to structure the transaction.
At IdahoEstate Planning we are the expertsyou need to know and trust. Work with us and we'll put together a plan thatworks for you and your loved ones. Remember, goodplanning is no accident.