Selling a business is something that must be anticipated, preferably years before retiring.
Have you considered hiring someone, younger than you in case you plan retiring, introduce him to your customers, initially as an employee, and at the same time train him enough to make him able to take over the reins of the business in the future?
After a few years, he would be familiar to your loyal customers and the transition could be a smooth one.
You could gradually withdraw from the business, still bringing some help to your new associate, and allow them to buy the business progressively. The hardest part is undoubtedly finding someone who is willing to take on this role and shares your core values.
Banks, among other players, often have services specialized in company transmission.
In some situation, you also have opportunities to collaborate with competitors that you respect.
The fact of knowing fellow professionnals can help you to make a merger before retiring.
Have you considered hiring someone, younger than you in case you plan retiring, introduce him to your customers, initially as an employee, and at the same time train him enough to make him able to take over the reins of the business in the future?
After a few years, he would be familiar to your loyal customers and the transition could be a smooth one.
You could gradually withdraw from the business, still bringing some help to your new associate, and allow them to buy the business progressively. The hardest part is undoubtedly finding someone who is willing to take on this role and shares your core values.
Banks, among other players, often have services specialized in company transmission.
In some situation, you also have opportunities to collaborate with competitors that you respect.
The fact of knowing fellow professionnals can help you to make a merger before retiring.
