So you’ve worked your entire career building your practice/firm/company. Retirement is on the horizon. What is your plan? Will you simply walk away? Will you forfeit all of your hard work, time, and energy and not reap the full benefits of your hard work?
Why not start planning now! Why not work to building up your practice/firm/ company so that it becomes more attractive to have someone or another firm buy you out? That’s your cash out! That’s your retirement reward.
Now there are two main options the way I see it. The first is to build your firm/practice/company and have a broker sell it for you. The second option is to groom within to bring on other associates and work with them to eventually take the firm over. In both cases though, it’s in your best interest to develop your staff so that you can point to a track record where everyone on your team is a valuable part of its growth. In other words, they all know how to, and have a proven record of bringing in new business. That makes your firm more profitable and attractive whichever option you choose.
But don’t wait until retirement is staring you in the face. Plan now!. Act now! Far too many professionals don’t give this enough thought and before they know it, it’s too late.