By 2030 all of the Baby Boomer generation will be 65 or older. In addition only about 30% of these businesses have plans to pass the family business on to the next generation.
With time and careful planning you can make decisions about your transition into retirement to ensure a smooth transfer of assets. You can maximize the equity you keep with minimal employee, supplier, partner, or customer alarm or interruptions.
If your business includes commercial or income producing property it makes sense to have plans in place for catastrophic entrepreneur loss. Rather than leaving your legacy up to disposition by others without your assistance.
With current challenges to find good employees and low interest rates now might be a good time to think about retirement.
