Forbes Finance Council, provided a great synopsis of Six Things To Consider Before Retiring From Your Business. The article points out that it is too late to consider what you should have done about the business once you have retired, or are just about to retire, from the business in order to protect the hard work that has been done to make it successful. So the council recommended some long-term planning strategies that go a long way to ensuring a worry-free retirement. We particularly like point #4.
The six points included:
- Develop an exit plan
- Create a personal financial plan
- Put a buy-sell agreement in place
- Get covered by insurance
- Formalize a succession plan
- Diversify and protect
You might notice that a lot of these items are also things that should be done as you grow a business to ensure its long-term success.
You can see the full article and details here.