Description
This article uses a case study to encourage small business owners to plan ahead if their goal is to use the sale of their business to fund their retirement. The case study focuses on a professional adviser to show how businesses based on a client base (not a product) can be sold.
Introduction
Many self-employed people view the sale of their business as their retirement fund – their superannuation. So just like ensuring superannuation investments are being well managed, business owners need to plan ahead to ensure their business can continue to provide a reliable income after they retire.
One of our clients, Dale, is a typical example of this expectation – he is an accountant working from his custom-built office attached to his house. He wants to retire in a few years, and has always assumed that he can sell his business and retire on the proceeds. Although he advises his clients they must plan ahead, amazingly he has failed to follow his own advice and has never documented a succession plan.
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