May It Please The Court: Weblog of legal news and observations, including a quote of the day and daily updates
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Quote of the Day - Retirement at sixty-five is ridiculous. When I was sixty-five I still had pimples.
Running Your Business Into RetirementYou've established your business, but now that you're approaching retirement, what do you do?Sell your business? To your child? If you do, be aware that statistics show that businesses don't last in the third generation, but there are always exceptions. But, family businesses have been doing well. So well, in fact, that there are businesses about family businesses. So, you pick a successor and then what? Sit back and watch? Do you take back paper? Well, there are a lot of questions, and not a lot of answers out there. Probably your best bet is to identify your successor and let him/her get financing from the bank. That way, the risk of failure is not yours. That's just one of many considerations in selling a business. The larger question may be retire or consult? Do you have a non-compete agreement? Are you obligated to stay on with your old company to ease the transition to the new management? Some are set to retire early, others work and work and work. Whatever you do, plan ahead. Then go talk to your lawyer.
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