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Have business, will retire (or maybe not)

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RETIREMENT QUESTION  

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  • 3 months later...
AndersonAuto Community Regular

AndersonAuto

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Posted

Retirement planning is important, but what many shop owners fail to do is plan for the sale of their business. If selling the biz is a big part of the retirement plan, as is mine, then you need to make sure the biz is making maximum net profit without YOU. This means growing and structuring the business so it functions with minimal input from you.

Currently, I'm the shuttle driver and coach for the guy I just put in as GM. Soon to be just shuttle driver. Replaceable with zero impact on the business = a sellable business.

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Wheelingauto Collaborator

Wheelingauto

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Many years ago I created the goal that when I am 62 years of age I can lock the front door and auction off the whole thing. Now keep in mind if I can afford to do that anything above and beyond is gravy.

 

I do agree with Anderson above, take yourself out of the equation and you will have a saleable business. To count on what you think your business is worth or will be worth when you want to retire is....um.....risky.

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