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Exit Strategy-step 8- Don't Rely on the Sale of your Business for Retirement

Joe Marconi
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  • Joe Marconi changed the title to Exit Strategy-step 8- Don't Rely on the Sale of your Business for Retirement
rpllib Enthusiast

rpllib

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"but the proceeds from the sale of your business may not be enough to financially support you into retirement"

If you are a shop owner in your 30's or 40's, I hope you listen well to Joe's words. My wife and I worked most of the first 30 years in our business with less then $100k in owner salaries, wages, perks, discretionary spending, ect. 

Much of that time I was not even sure we would survive as a viable entity till our retirement, so saving was not an option, we considered it crucial to having any chance at life after the business. 

Now that we are in our sixties, have no debt, own the real estate and still managed to have a 7 figure retirement account, with only minimal family wealth as part of that figure, we feel we are in the best position of all. 

For me, that position is the opportunity to chose good health and freedom of choice in what we do on a daily basis, over stressing about having to sell the business, to have a life.

The most liberating part of the whole thing, is the knowledge that even if we chose liquidation as our viable exit plan, we would be just fine. Even if the building had to lay empty for a few years, we will be just fine, even if we had to sell 350k of non real estate business assets for 50k, we will be just fine. Even if we got nothing out of the business/assets at all, and the real estate went back for delinquent property taxes, even then we would be just fine. 

I believe many can accomplish the same/similar to us, or better, if you have a plan and work the plan from the youngest age you can. 

Thank You Joe, wise words

 

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