Retiring tips: Tapping into the value you built
Dec 8, 2016 1:00 AM -
If you are one of the 28 million small business owners in America, chances are your business may be your single largest asset. This may be tricky when it's time to retire. When business owners decide they are ready to travel, hit the links or just do something else in their golden years, they often look to cash out of the business either by selling it or by passing it on to family members. According to the Financial Planning Association/CNBC Business Owner Succession Planning Survey released in 2015, 78 percent of respondents said they plan to sell their businesses to fund their retirement, and that the proceeds are needed to fund 60 percent to 100 percent of their retirement needs. Yet less than 30 percent of survey respondents said they actually have a written succession plan.