By Moe Lastfogel
Director of Sales and Marketing for The Retail Observer
As I sat in my room at KBIS in Orlando, the beauty of the palm trees and the cool, balmy breezes made me think of my dream to retire on a beach somewhere, someday. I asked myself, “When will I be ready to retire?” So, I started thinking about my strategy for the future.
What have you done to prepare for your retirement? We all think about that little cabin in the woods or the hammock we’ll lay in as the waves lap at the shore. Do you have a strategy in place or is it something that you keep putting off, or worse, out of your mind entirely?
Who have you picked for your successor? A son or daughter, a grandchild or even an employee? Has anyone shown an interest in taking over for you when the time comes? My suggestion would be to start the process early so that you can make the transition into retirement an easier one. I have been through a few ownership transitions in my lifetime and the quicker they happen, the harder it is for everyone involved. No one likes being blindsided, especially employees.
I’m no expert on the subject and I am sure there are quite a few advisors out there that can help you get things organized. I suggest just starting with a simple plan that includes the approximate date you’d like to retire and what you want to do when the time comes. Don’t let your retirement sneak up on you. With a little planning now, there should be no reason that you won’t receive back all that you’ve invested into your business and enjoy the retirement that you deserve.