Things didn’t always go exactly as planned, but all in all, it’s been a successful run. I’ve made some great memories, built a solid book of clients, and established the flexibility I had always dreamed of having. It’s tough to let go, but I’m ready to move on and eliminate some of my responsibilities.
Since I knew this day would come, and there are a lot of decisions to make before I sell, I’ve been working with a financial advisor at my bank. Together, we’ve laid out a succession plan to ease my transition from business ownership.
That succession plan also includes changes to my health and life insurance policies to ensure I’m properly covered once the business changes hands.
My daughters are successful in their own careers. They aren’t interested in taking over the business, so I’ve been trying to decide which sale option might be best for me financially.
I’ve considered an outright sale, which sounded good at first, but could come with a major tax hit if I’m not careful.
There’s also a gradual sale option where I’d transfer ownership to a suitable buyer and they would pay over time. I wouldn’t have to worry about running the day to day anymore, and I’d still receive a comfortable monthly income.
And these are just two of the options I’ve considered. There are others, but it’s probably best that I wait until I’m considering real offers before I choose.
I’m so glad that I worked with a financial advisor to plan for this day in advance. I know the right buyer is out there, and I hope they find as much joy in business ownership as I have.