You have toiled for years, or even decades, with plans of hitting the golf course several times per week, traveling the world or moving to a different climate to enjoy your retirement.
You may imagine a future spent sleeping in, reading books, catching up on your favorite television show and cooking delicious meals with your spouse. Or, it may allow you time to finally be a grandparent, supporting your grandchildren at their sporting events and taking the family on outings or vacations.
Regardless of what you imagine for your future, the reality is that most business owners envision a day when they are less involved in their business. Even if they are able to run their business forever, most don’t want to. They envision a future spent catching up on the things that their business never allowed them to do.
Identifying what you want out of your life after your business is a critical first step in establishing an effective business succession and continuity strategy.
Do you have a spouse or a dependent to factor into the equation? How much money will you need to pay for your future expenses? How will those expenses change and evolve as you age? Do you have any health concerns that may have an impact on your budget?
Since planning for succession is oftentimes left until the very last moment, many business owners are unprepared to take these next steps and find themselves unable to achieve their goals. In fact, only 13 percent of business owners have any succession plan at all. Fortunately, we are here to help.
Legacy Business Advisors Mid-Atlantic can help determine the value of your business, create an effective succession plan that helps you strategically extract that value from the business and use it to help you achieve those goals.
If you find your thoughts turning to the many things you hope to do upon leaving your business and want to give yourself the best chance of making these plans a reality, please contact us and we will utilize our best-in-class planning process while working to meet your goals.