This article discusses important considerations in the form of a ten-step list that a person should follow when selling a business. They should do a complete financial plan to figure out what they need from the deal. It is very important to speak with a tax planning and estate planning professional to get a handle on the individual situation. This article also touches on the importance of considering family dynamics and long-term lifestyle and retirement goals. Think about health needs that might come up and create a pan that will make living off of portfolio assets a possibility. Make sure personal estate planning documents are kept up to date so that property is distributed the way the planner intends. Being social and building meaningful relations should also be a top priority for any person planning on selling their business and going into retirement.
See Larry Stein, 10 critical steps to selling your business and launching your next act, Market Watch, December 7, 2015.
Special thanks to Jim Hillhouse for bringing this article to my attention.
