Business Daily Media

The Times Real Estate

.

What to Do With Your Business Upon Retirement

  • Written by NewsServices.com

There are few things in life more rewarding than starting your own company and building it from the ground up. This does mean that many business owners worry as they approach retirement as it can be difficult to let go and you will want to know that you are leaving the company in good hands. So, what are a few options for what to do with your business upon retirement?

Selling the Business

The most obvious thing to do is to sell the business to another owner. If you can find a suitable buyer that you trust to steer the ship in the right direction, this can be a good option particularly because it will give you a large sum of money to enjoy in retirement. Keep in mind that if you have family, they won't be able to have a part in carrying on the business.

Passing on to Family

Leading on from this, if you have family then you may want to pass the business on to them. This can work well because you know that you can trust family and you can spend time training them before you retire, plus continuous money will be brought into the family rather than a lump sum payout. If you do need a lump sum once you retire, keep in mind that you can apply for an equity release from your home if you are over 55, which could be a good option.

Check Your Pensions Growth

It is also important that you make sure that you will have the money that you need to enjoy the kind of lifestyle that you want in retirement. Hopefully, you will have been paying a good amount into a private pension over the years and you should check this to make sure that you are in a healthy financial position to step away from the business and to stop earning.

Consider Running Through Retirement

Following on from this, another option is to keep running the business through retirement. For many people, the idea of retirement is boring and you might want to continue with ownership in order to stay busy and to keep money coming in. You could always take a step back and use this period to prepare someone in the business to step into your shoes (such as a family member) when the time comes that you want to walk away completely.

These are a few options that you need to weigh up as you approach retirement as a business owner. You will want to do what is best for both yourself and the business, which can be a difficult decision and many find it hard to walk away completely from the business that they have developed from the ground up.

Cutting edge AI technology designed for doctors to reduce patient wait times launched in NZ

New Zealand specialist doctors now have access to Artificial Intelligence technology to help reduce patient wait times and experts say it could be...

Launchd Takes Off: Former AFL Stars Lead Tech-Powered Platform Set to Disrupt Talent and Influencer Marketing

Backed by Institutional Capital, Launchd Combines Five Leading Agencies and Smart Technology to Deliver Measurable Results Influencer marketing i...

Meet the Australian fintech unlocking rewards for small businesses

Small businesses make up 98 per cent of all businesses in Australia, yet they continue to bear the brunt of economic uncertainty. According to Credi...

Teleperformance (TP) Business Insights Report Reveals Key Shifts in Consumer Behaviour

TP’s Business Insights report  into consumer behaviors and preferences, taking in more than 57,000 respondents across 19 sectors, is shedding new li...

HubSpot launches platform-wide AI tools to help businesses close the adoption gap

HubSpot today unveiled more than 200 updates across its customer platform to help businesses grow better. The release introduces smarter tools, new AI...

Why Every Leader Needs a Personal Branding Strategy in 2025

One of the best investments you can make in 2025? Your Personal Brand.In today’s competitive and digitally driven business world, authenticity and...

Sell by LayBy