As shop owners, we get consumed with the day-to-day routine of running our businesses. When we are young, we think we have all the time in the world to plan for our futures. When we hit middle age, we think about our end game, but too few of us do something about it. And when we reach retirement age, we wonder if we did all the right things to prepare for life after owning an auto repair shop.
The reality is that life can throw you a curve ball at any age. This means you need to prepare today. You have responsibilities to yourself, your family, your loved ones, and those you employ.
Ask yourself, “What if something happens to me today that would force me to retire? Would I have everything in order so my family would be protected? Would my business survive without me not being there?”
No matter what stage you are in your business career, my advice is to do this: Set up a series of meetings with a financial advisor, your accountant, an attorney, and an insurance agent. And your business coach, if you have one. Tell them that you are concerned about your eventual exit from the business and to plan for the unexpected. They will help you to get all your priorities in order.
Remember, when it comes to life’s curve balls, age does not matter.