How can I retire from my business? This is one of the most pressing questions facing millions of Baby Boomers right now. Approximately 3.3 million small business owners, including an estimated 400,000 attorneys, will be looking to retire over the next ten years or so. Although these figures alone may be staggering, the real problem is that the vast majority have no plan in place that will allow for a seamless transition into retirement and ensure the survival of their life’s work. This represents a problem not only for the owners/practitioners, their clients, employees, and families, but for the United States as a whole. If a significant percentage of these entities simply go out of business, the impact on our country could be catastrophic. The sudden drop in employment, disposable income, office rent, etc., would ripple throughout our economy. For any business owner, identifying and implementing an exit strategy should be a top priority at least a few years in advance of the desired retirement date. For those from this Baby Boomer Business Owner Bubble, finding some form of viable exit strategy might just be considered a civic duty.
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