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How to Retire When You Own a Business
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How to Retire When You Own a Business

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Business owners should plan early for retirement and the potential sale of their business. Learn how to save, create an exit plan, and navigate taxes to retire securely.
Retiring from a business you own involves several key steps to ensure a smooth transition and financial security. First, assess your financial readiness by calculating your retirement needs and evaluating your business's value, possibly with the help of a financial advisor. Next, consider your succession plan, which could involve selling the business, passing it to a family member, or hiring a new CEO. If selling, prepare the business for sale by improving its financials and operations, and seek professional help to navigate the sale process. Additionally, plan for your personal transition by exploring new interests or part-time work to maintain engagement and purpose post-retirement. Finally, ensure you have a solid estate plan in place to protect your assets and provide for your heirs, considering tax implications and legal advice to optimize your strategy.

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[ https://www.investopedia.com/how-to-retire-when-you-own-a-business-11714013 ]