If you own a business, you probably spend countless hours managing it.
But have you thought about how you’ll eventually step away?
Start by listing your personal goals for the transaction and your life afterward, including how much money you’ll need to fund your desired retirement lifestyle.
Include expenses currently covered by the business, from your cellphone to health care.
Think too about what you want to leave for your family or charitable causes.
Knowing the value of your business is important, so have it valued in writing, even if retirement is a few years away.
Finally, consider who your buyer might be.
Perhaps family members, business partners, employees or an external third party.
You can get help building your exit plan from professionals, such as a financial advisor, tax professional, legal advisor, and business valuation expert.
Taking proactive steps now helps you control your future, including when and how you transition away from your business.
This article was written by Edward Jones for use by your local Edward Jones Financial Advisor John Dickerson, and Hawes Dickerson. Members SIPC.
