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News - 2 October 2004
|With a little planning life could be a beach|
Your business doesn’t have to retire with you
Entrepreneurs who do not plan for the future of their business after their retirement risk the future success of the business. A new report says that 56% of entrepreneurs were burying their heads in the sand by failing to prepare a succession plan.
The Bibby Financial Services study found that over a third of entrepreneurs admitted they hadn't bothered planning for the future because they believed there wouldn’t be one, while 25% confessed they would find it hard to let go of the reins.
Small business owners are missing an opportunity to make money for a comfortable retirement by selling their business on before they leave. In order to ensure a successful sale plans need to be put in place well in advance of retirement. Businesses looking for advice on succession planning should contact their local business support agency.
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Bibby Financial Services