SFA038 Not ready to retire? This might be another option. (655 words)

This article focuses on buying an established business (as opposed to starting one) later in life and provides a no-nonsense list of questions potential/early retirees should address if considering this option. It addresses using superannuation to purchase a business, with a focus on seeking professional guidance throughout the process.

The word “retirement” conjures up many images. While most baby boomers might be dreaming of more time on the golf course or booking a cruise, you might be thinking about buying a business. Crazy? Maybe not.

If you’re close to reaching your preservation age you will soon have access to your superannuation. An increasing number of people at this stage are taking control of their finances and buying themselves a new later-life career in the form of an established business.

Perhaps you’ve been retrenched and finding it difficult to land a new job. Or maybe, after a short period of retirement, you’re re-invigorated and ready to start afresh.