You put your heart and soul into your remodeling business, but you aren't going to be able to—or want to—run it forever. That means you should have an idea of how you want to exit your company before you even set up shop.
If your business is big enough, you may not be the only person thinking about the future—your employees can't work forever either. Will retirement planning be part of the benefits you offer? Do you plan on eventually setting up the company so that your employees can buy it?
This can be a lot to think about. Fortunately, we've gone through our archives and found articles to help you make the decision that best fits you and your business.
Tips From REMODELING:
- Know your options: Make sure you do the proper research before deciding what exit plan works best for you.
- Remember: Retirement isn't cheap: Chances are, you'll want to set yourself up to make money even after you retire. Use your building and business knowledge to make money off of real estate, or create a nest egg.
- Start out early: The time to start planning for retirement is early. If you do it right, your business should be able to fund your lifestyle.
- Don't skimp on maintenance: Retirement plans have a lot of moving parts. Make sure both your and your employees' plans are stable by performing regular maintenance checks.
- Take care of your employees: Don't forget to make sure that your employees understand their retirement benefits. Consult with an advisor and explain your plan in a document that you can share with the company.
More Tips From Around the Web:
- Get a plan, man: If you're the owner or sole proprietor of your business and plan on working until you retire, make sure you pick a plan that fits your current financial status as well as your financial goals.
- Don't just hand off: Transitioning out of your business doesn't happen overnight. Groom the right people to take over and give them a chance to test their skills before giving them the reins.
- Pick and choose: There are different types of plans you can offer your employees. You may want to consult with an accountant to find out what your business can handle.