If you’ve spent years and years working hard, building your business up from nothing into something successful, it’s easy to understand why you might find it hard to finally retire. When you’ve done so much, you’re sure to have an emotional attachment to the business. However, not retiring could be much worse; do you really want to work until the day you die? You would miss out on so much if you just kept working, and for no real gain.
If you do want to retire from your own business, or you’re at least considering it, then here are some ways it can be done. It might not be easy – emotionally, at the very least – but it will be worth it when you realize you can do all the things you have been missing out on due to your hard work, such as traveling and taking up hobbies. Read on to find out more.
Sell the Business
One of the best things you can do when it comes time to retire is to sell the business. In that way, you won’t just be able to walk away from it entirely; you’ll walk away with some money too. How much money depends on who the buyer is, how much profit the business is making, and what type of business it is, of course, but you’ll still get something.
The best thing to do to make the most of this idea is to find a buyer who specializes in your kind of business. For example, if you have a construction business for sale, a company that specializes in buying that type of business would have a much better idea of its value than a company or individual that was more general. They would know how to use your equipment and stock, such as the gravel FIBC bags you’ve been using and the heavy equipment you’ve bought over the years.
Find a Successor
Another good idea when it comes to retiring from your own business is not to sell it but to find someone to take on your role. There may even be someone working in the firm already who could be promoted.
The great thing about this idea is that you can still be part of the business should you choose to, but you don’t have to work in or on it every day. Instead, you can be there as a consultant, ready to help out when required. The business itself will continue to run just as it always did, barring any new ideas the newly appointed CEO might have. Even better, you can continue to earn an income either through dividends or through your consultancy role, meaning your retirement is much more comfortable.
Voluntary Liquidation
If there is no one to sell to and no one to take over from you, another option to consider is voluntary liquidation. In other words, you simply choose to close the business entirely. All assets will be dissolved, all creditors will be paid off, and everything else will come to you.
Of course, if you have several employees and they all require compensation, or there are plenty of business debts to think about, you might not come away with very much money yourself, but at least you will be able to retire if that’s what you want to do.
