Many small business owners dream of the day they can sell their business and retire to a life of opulent leisure. Well, perhaps not opulent. Comfortable. That dream usually involves a cash sale of their business (perhaps at an unrealistic price), preferably as early as possible. Age 65, for many, is an abstraction. We may be hurtling quickly toward it, but most retirement dreamers don’t want to wait that long.
How sophisticated is the average small business retirement dream? And is it a retirement plan? The purpose of this article is to encourage small business owners to think holistically about their exit strategy and beyond – not just about how much money they’ll have in the bank, but how to maximize it, how to preserve it through tax deferral strategies, and creative ways to make that money go further. The goal you’re working for, after all, is an improved quality of life, whatever that means to you and your family.