Starting a small business is hard. Figuring out what to do with a small business when an owner is ready to retire can be even more difficult.
Small business owners say it is best to have a plan well in advance of making a big change like ceding a business to someone else.
About 51% of small business owners are over the age of 55, according to the U.S. Census. Given that most people in the U.S. retire in their 60s, that time will soon be coming up for many owners.
The most common options for exiting a business include creating a succession plan for a family member or someone already involved in the business; selling the business to an outsider; or simply winding down the business and shuttering it.
The best path depends on what a small business owner wants to get out of retirement—and an honest assessment about the health of a business.
