Have you ever noticed that the terms “retirement” and “exit planning” for business owners are often used interchangeably?

Sometimes it seems the only socially acceptable way to exit a privately held business is to hang on until you’re well past your prime, eventually giving the reins to your offspring so you can play golf for a few years before moving into a home and waiting to die.

I’m sure you have your own reasons for building a business you could sell, and while retirement is a legitimate one, it’s not the only one.

Here are my favourite reasons — inspired by real people in their 30s, 40s, 50s and 60s — for selling a business before you want to retire. You may want to:

1. Become an angel investor.

2. Capitalize on an unsolicited offer for your business.

3. Write a serious cheque to a charity.

4. Get rid of the bank guarantee on your house.

5. Start a bigger, faster and more profitable business.

6. Live debt free.

7. Take a year off to coach your kid’s hockey team.

8. Buy a cottage.

9. Get out of a toxic partnership.

10. Experience what it is like to work for a big company.

11. Live in Prague for a year.

12. Ski tour through the Swiss Alps.

When I ask business owners who have sold their company to share the one thing they wish they had known before they sold their business, many are quick to say they wish they had known to do it sooner.

What do you want to do next?

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More Information Contact  Avi Dhaliwal   416-882-1200