As a result of Finagraph’s banking and business owner seminars, I occasionally get asked to step in as a consultant to help small businesses. The most common challenge they seek help with is retirement planning. Their question – “I want to retire, but don’t know where to start.” It’s natural to be apprehensive when your life is about to make a dramatic change, but thinking about it early and taking the right steps can ease your fear.
We preach that a successful business owner starts with the end in mind. After a seminar in Las Vegas last fall, I was approached by a couple who own a professional services firm in Los Angeles. They were in this exact situation – looking to retire, and hoping to transition ownership of their firm to their son. The business is 30 years old, and the son has been with the firm for the past 11 years. It’s a profitable company with a niche service, ripe for growth or sale.