A Self Employed vs Employed Retirement
In these crazy times, retirement and the preparation for it, can be an overwhelming experience. Freedom 55 was what we were sold decades ago. Today is not necessarily what we thought 2022 would look like.
Some have planned and executed a great retirement. Others have not been as fortunate.
The business Owner has an added advantage over salaried boomers facing retirement. As an Owner you are the master of your destiny. You can choose to increase the value of your company before selling.
I don't know how much you need to retire comfortably, but I do know you are better off erring on the side of needing more.
Time To Start-Down, EBITDA and Retirement
Over the last couple of years you've kicked some tires, read a few articles or books, spoke to a few friends and maybe some professionals with experience in selling businesses. Then you put it all on hold because selling your business was never a serious consideration. After all you were still young.
If you read the business press today, it is shocking the number of Boomer Aged Business Owners with no real plan to sell their business. In Canada it's estimated there are 550,000 Boomer Aged Business Owners.
1. Over 75% of you plan to sell within the next 10 years. That's a lot of competition.
2. Less than 10% of you have a team, formal exit or succession plan in place.
3. Over 82% expect the sale of your business to fund your retirement.
That's a lot of pressure.
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