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What Retirees Should Consider After Selling Their Business
Completing a successful business exit is often the result of many years of hard work and advanced planning. This process is known as business succession planning and when undertaken with the support of an experienced and qualified financial team, advisors and attorneys can allow you to close one chapter of your life, but successfully open another.
On the one hand, a business exit is exciting. It’s the culmination of a lot of work and it opens the door to new opportunities for you. But it’s not always easy to make this transition or to find the right balance for your life.
A business exit brings about the conclusion to many issues, and cancels out plenty of questions you might have had in the past. However, it can be a big mistake to think that your planning process is over after you have dealt with exiting the business. Even if you are not working full time, having extra money can be very beneficial for allowing you to move into retirement successfully.
Make sure that you consult with qualified financial and business professionals when you find yourself thinking about making a business exit. From improving your financial situation to maintaining better overall physical and mental health, there are plenty of reasons to pick up a side hustle, or to continue with a part time business or employment situation. This also calls you to reevaluate your financial positioning and decide whether you may need to alter your current tax and estate planning considerations.
Talk to our team today about these big transitions in your life and how to protect yourself in each of them.