Business owners in Florida may wonder how best to plan for retirement and the future, given that members of the baby boom generation own over 12 million private businesses across the country. As members of this generation reach retirement age and above, this can bring to mind thoughts of how to transition their business for the maximum benefit for themselves and their families. Of course, even retirement itself can be a difficult consideration for many entrepreneurs who have built their companies from scratch.
Because so many small business owners are deeply dedicated to and involved with every aspect of their business’ development, the concept of retirement can seem distant. This can mean that little business planning is done to prepare for the kinds of transitions that can protect a business through periods of major change. By developing a plan for succession, sale, or other forms of transition, business owners can gain a clearer understanding of the future of their company and their finances.
Some business owners may consider transferring management of the company to a family member. In this case, they should develop a clear plan that puts retirement income in place for the retiring owners. In other cases, entrepreneurs may wish to plan for a sale of the business to another owner or a larger company, or they may wish to invest the money to create a retirement asset, philanthropic plan, or trust fund.
Whether entrepreneurs are planning to start a new business, transition from an existing one, or prepare for an important transaction, handling the paperwork and legal requirements correctly is a necessity. A qualified, experienced business law attorney provides guidance and representation to business owners considering a change or new steps for their company.