Planning for Retirement and effective Estate Planning
Most small business owners are so busy running their business that they never address the questions that nags at them in the back of their mind. What do I do when I want to retire? How do I protect my most valuable asset for the next generation? These are questions that need to be addressed well before the day of reckoning. Sometimes the answer may be to sell the business, but always some kind of transition is involved. Many small business people do not recognize the value of their business because they have been so integral to its operation that they cannot see how it could go on without them. Others have children or grandchildren who want to take over, but need to be cultivated and transitions planned. Failure to address these issues often leads to catastrophic failures, particularly a loss of equity that makes precipitous drops in the stock market look like sandbox and kindergarten. After all, most people know that the value of a going concern, even the value of related assets like real estate, are generally much higher than the value of a dead entity. The bad news is that most small business owners seem to know very little about such planning. The good news is that they are generally pleasantly surprised to learn that there are a number of options available to them to protect the equity in the business that they have spent their life building. If you have not thought about these matters, but recognize the importance of addressing them, call 802-485-5595 in Vermont or 915-988-2450 in Texas.