As a baby boomer, you may be at the point when you are considering the next phase of your life. The media repeatedly reports that baby boomers are redefining aging and retirement. That’s not surprising, as they have redefined virtually every stage and aspect of American life throughout the years. Although swimming in uncharted waters can be a frightening thought, the prospect of starting a new chapter of our lives, with new opportunities and challenges, can be tremendously exciting.
Segueing from where you are now to where you want to be takes significant thought and planning. That may involve transitioning your business, the culmination of years of hard work and sacrifice, to your children, your management team or a third party.
In transitioning your business, typically your key goals would be:
• To transition your business to a person or group of people who would foster the continued success of your business or
• To maximize the consideration that you receive (and, through wise legal and tax planning, are able to retain) or
• A combination of those two goals
However, your goals may differ. It is important to give some thought to what your goals are, as that may affect the timing.
Transitioning the business to your children is typically effected over a longer period of time and may not require the extent of pre-transaction work that a third-party transaction would entail. In addition, the current economy’s negative impact on the value of your business may make now a good time to start that process.
Please see full publication below for more information.
