Factors That Can Potentially Hinder Your Retirement Decision
Larry Gard, Ph.D. The pandemic has upended the retirement trajectory of many business owners. Dealing with more uncertainty than ever, scores have been faced with the decision to close down, sell, or try to keep their business afloat. While Covid-19 has introduced additional variables into the exit planning equation, business owners shouldn’t lose sight of core considerations that have always existed: Are you remaining in your business long after you should because of your attachment to your role? Do you continue to work, by default and perhaps against your own interest, because you’re uncomfortable with the alternative? By staying too long you may be putting your business at risk. For example, even if you have been grooming a successor, that individual may eventually leave if they don’t believe a promotion is likely any time soon. The same goes for other talented employees who will begin to wonder whether the company has a succession plan in place. If you’re