April is National Financial Literacy Month, which was created to to highlight the importance of financial literacy and teach everyone how to establish and maintain healthy financial habits.
You've built a successful business through years of hard work. When is the right time to call it quits?
Leaving your company is a life milestone that profoundly affects your financial and emotional wellbeing. However, eventually circumstances may arise that indicate the time to leave has arrived.
Industries change over time. Technology, consumer tastes, and industry realignment can drive a once winning business formula into an untenable position. For example, your industry might have evolved to the point where only the biggest companies can compete. The trick is to sell your company before it loses profitability.
How's your health? Naturally, a major negative health event can be decisive. But you also must pay attention to deteriorating health conditions that may appear as you age. Exiting your company early gives you more control, compared with waiting until your health forces you to leave.
Time to smell the roses. You've made a success of your business, but frankly, the challenge is gone. The world is full of new adventures and you can choose what to do next. You might take up a hobby, mentor others, join a foundation, or travel the world. If the business no longer gives you fulfillment, you just might want to find another way to enjoy your life.
Profits are up, prospects look good. If you've nurtured your company into a strong position, you may be able to receive top dollar when you sell it. Or, if you want to pass it on to relatives, you have the peace of mind of knowing that they are inheriting a sound enterprise. After many years of toil and sweat, you might feel it's time to finally reap the reward-a large nest egg or a family dynasty.
The time to create a succession plan is well before your exit. I can guide you through the process and help you work toward your desired outcomes. Call or email our office today and let's get started putting plans together to pursue a graceful, and profitable, exit.