What do I need to do to sell my business? How can I monetize my small business so that I can retire comfortably? What’s the best way to disentangle my family’s finances from the business? What do I do if I have a family business and I want to pass it on? In this episode of Financial Cents, we’re discussing our top three tips for business owners looking to sell their business or transition their family business to the next generation.
As Jason Gove, vice president at National Bank of Arizona, explains, preparation is the key to selling or exiting from your business, and it’s something you should start doing about two years before you plan to separate from the business. Because the truth is, the more prepared you are, the better able you’ll be to monetize the business and the easier the process will be.
“You have to think of your business as your future retirement and make plans to monetize it when the time comes for selling your business.” – Jason Gove
With family businesses, preparation becomes even more vital as things can get a bit more complicated. Instead of selling the business or liquifying the assets outright, there are now additional family considerations at play.
Financial Cents is hosted by Brent Cannon, executive vice president and director of community banking at National Bank of Arizona, and features bankers from around National Bank of Arizona who offer their financial insights and strategies.