fbpx

Is Your Business Your Retirement Nest Egg in Virginia

Many businesses simply cannot be sold, and others end up being sold for far less than expected, said Randy Gerber, founder of Gerber L.L.C., which helps business owners manage their
NEST EGGpersonal finances. And even if a business can be sold, he said, owners often have an unrealistic notion of how much it might be worth. That is why a potential sale should not be an owner’s only plan for retirement.

As a business owner, your business and your life are pretty hard to separate. Your business partner or
right-hand employee may be a spouse, a sibling or that college roommate. Chances are your assets are entirely bound up in the company, and you might even intend to sell the business to fund your entire retirement. Not so fast!

This was the advice given in a recent New York Times article titled “Sell a Business to Cover etirement? Don’t Count on It.

When it comes to your business, you might be OK with the idea that it is empowering your financial life (or is it your life that is empowering the business itself?). Regardless, there will come a time when you and the business must part. This will be one of the most important events in your life and in the life of your business. Question: will this even be planned or just happen?

If the business is your greatest asset, you are just going to sell it and live comfortably in retirement, right? Perhaps. What if it is not worth as much in the market as it is in your mind?

If the business is your principal retirement asset, then knowing its value and preparing it for the transition is of utmost importance. This transaction will determine your future well-being, and perhaps the future well-being of your entire family for a long time. Accordingly, this transition will take structuring and forethought.

Will your business be your retirement? If yes, then it is never too early to structure the transaction.

You can learn more about this topic as well as other strategies on our website under the tab entitled: business planning in Virginia. Be sure you also sign up for our complimentary e-newsletter so that you may be informed of all the latest issues that could affect you, your loved ones and your estate planning. 

Reference: The New York Times (July 24, 2013) “Sell a Business to Cover Retirement? Don’t Count on It

Like this article?

Share on facebook
Share on Facebook
Share on twitter
Share on Twitter
Share on linkedin
Share on Linkdin
Share on pinterest
Share on Pinterest

Leave a comment

LIKE THIS POST?

We have a LOT more where that came from!

We hate spam too. We will never share or sell your information.

Call Now ButtonCall Us Now https://jsfiddle.net/7h5246b8/

Request a free consultation

We hate spam too. We will never share or sell your information.

We've been putting together as many resources as possible so that we can continue to help:

  • If you’re a current client with a signing appointment or a prospective client with a consultation and would prefer that meeting take place in your own home, we can accomplish that with a little bit of pre-planning on our part and with the addition of a laptop, smartphone, tablet or other computer in your home to facilitate this virtual meeting. For those of you that need to sign legal documents, that too can be accomplished with the use of a webcam (FaceTime etc.), so that we can witness and electronically notarize all of your important legal documents.
  • We launched the rollout of our on-demand webinar early so that new clients and our allied professionals can view the important component parts of ‘an estate plan that works’ at their convenience.  That is available on our website.
  • Live video workshops will be produced as quickly as possible and certainly ahead of our previous schedule; we will keep you posted as these events become available. Given the ‘boutique’ nature of the firm, we rarely have more than ten people in our office including team members at any one time. During this period of ‘social distancing,’ we promise to have no more than 8 people at any time.   This allows us to comply with the Governor’s directive to limit in-person gatherings.
  • The best way to communicate with us is still by phone during regular office hours of 8:30 to 5:00, Monday through Friday, or, you can email any of our team members (that is, their first name followed by @zarembalaw.com).  We will respond to these emails as quickly as possible.
  • Please continue to follow the directives of our local, state, and federal agencies. For your health and in consideration of our team who is assisting you, if you’ve scheduled an office appointment or planned to drop off paperwork and are experiencing a fever, dry cough, or shortness of breath, please contact your primary care doctor for guidance and then our office to reschedule.

Thank you, Walt and the Zaremba Team

Coronavirus/Covid-19
Update to our Process

The unprecedented coronavirus pandemic has taken our entire country by surprise. We understand how difficult this time is for America’s businesses and families.  However, we believe it is vitally important that we make every effort possible to continue to offer solutions that avoid disrupting our important partnership with you, your family and friends.  As you know, estate planning is not something that should wait for a more convenient time, therefore the opportunity to address your important goals both during and after this crisis should not wait.  To that end, we have added the option of a ‘virtual consultation’ to our office process.  You will now have a choice of either meeting with us in our office or in the comfort of your own home.