Do you want to sell it?
Pass it along to your family or an employee?
Just close it?
We spend a great deal of time planning to open our business...but very
little on how we see ending it.
Your business can be your "nest egg for your retirement?
It can be golden goose that gets you started on your next adventure
Or it can be something that just keeps you busy and occupied until you decide to retire.
Each goal is is different and requires planning and making different kind of decisions.
If want to sell your business your strategy is different than those who are planning to keep it .
One thing you will NOT DO. Is TAKE ALL THE PROFIT of THE BUSINESS.
YOU Need to build VALUE and net worth into the business. In other words...you cannot play the tax game with the business...gotta show it is worth something to get a good buyout.
Some additional factors to consider if your plan is to sell the business.
1. You need to determine what you have to sell.
2. How much you want for it?
3. What type of person you would want to own it?
4. How long do you want to own the business?
5. Are you willing to "hold paper"?
6. How long are you willing to help the new owner?
Selling a business can be a profitable venture for you and a good start for a new business owner...if you plan it right.
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