Chapter 31 Retirement and Succession Planning
What happens to your business when you retire or die? Have you made any decisions about whether to sell your interest, pass it on to children, or make other arrangements? According to a Well Fargo/Gallup poll in March 2017, 70% of small business owners do not have a formal, written succession plan. About 73% said they did not plan to retire, but could cut back somewhat. If you are planning to retire, will the sale of your business provide you with sufficient funds for a comfortable retirement? The plans you make will have practical and tax implications for you, your family, and your business.
Succession planning is a complex and ongoing process involving both practical (business) and legal concerns. This chapter is designed to acquaint you with some of the issues you'll need to address in succession planning; it does not address every issue that may apply to you. Work with a knowledgeable adviser to help you structure, monitor, and modify your succession plans.
Retirement Planning
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