The baby boomer generation is getting older and many are starting to thinking about retirement.
Do you own your own business? Are you incorporated or unincorporated? Do you have a family member who will be taking over the business? If you do not have a family member, do you have a key employee who wants to buy the business? Can that employee afford your business or do you need to plan and sell him/her a portion of the business over a number of years?
If you want to expand your business, are you about to invest additional capital and borrow from the bank to finance the expansion? Do you think that it will take say 5 years for the expansion to be successful and does this co-incide with the time that you plan to retire? If you are planning to sell your business in 5 years you will not see the purchase price reflect the additional capital and time that you spent to build the business over the last 5 years if you are just starting to see the rewards. Business valuation is based on what you have done historically in the past and investors often are not willing to pay for future growth if it is unproven.
Gary R Landa, CA Professional Corporation can assist you in developing your succession planning strategies.