People dream about retirement, but few people question what it takes to be ready. Business owners and employees alike have the same questions on retirement. While many of the questions are the same, the answers are quite different depending on your employment status.
Over the past three decades, I’ve asked numerous business owners why they decided to start a business. Often, it was not to pay more in taxes or become a millionaire overnight. Generally, their desire was to produce an income for their families, doing something they love without “the man” telling them what to do, how to do it, and when it should be done.
With a sale, taxes are involved. Business owners can try to minimize income taxes, but it doesn’t always maximize the value. They may be faced with recapture of depreciation and capital gains. If they sell to other employees or management, more than likely, they will have a large portion in owner-finance. However, the threat of new management taking over the company and the income stream disappearing from poor management is a possibility.
An example of this could be three family members inheriting the business with only one working in the business. The other two have nice jobs in different parts of the country, but they want their financial windfall now. Can the business survive and continue to pay the retirement income to the spouse with these new constraints? The entrepreneur who takes the time to execute these plans and valuation, but forgets to update over the years, can also reduce their retirement income stream.
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