Many small businesses have to shut down when the owner retires because they depend on the owner to operate them. Today we look at three things you must do to ensure your business can continue after you retire.
If you can set your business up so that someone other than you can run it you will create an asset that you can sell, or better still that you can retire out of, and still get an income from it.
The Vlog series comes from One Sherpa an online global membership community dedicated to helping small business owners succeed and prosper.
The series is filmed on location around Melbourne, Australia and answers questions commonly asked by small business owners.
This video is filmed from the HMAS Castlemaine (Gem Peir) and answers the question ‘Can You Retire From Your Business?’
John Warrillow has addressed the whole issue of selling your business, and written a great book that teaches you how to create a sellable business, “Built to Sell.” He says his first attempt at selling a business failed — and he learned more from the mistakes than anything he did right. There’s even a “sellability index,” where business owners can take a survey to see if they have a sellable business and, if so, how much money they could get for it.
Thanks for your input Liz. It’s always great to find good resources that are available