You’ve spent years building a great practice and are closing in on retirement. How do you know when it’s the right time to actually do it? Without a doubt, it’s a very personal decision. Perhaps you’ve been advising your clients for years on this same topic, but now it’s your turn to consider the possibility of letting go. Selling isn’t an easy step to take when you consider all the questions that concern you: How will my staff handle the news? Will the new owner take proper care of my clients? How will I adjust to the next stage of my life? What should I do to get full value for my practice?
As an experienced CPA and advisor, you know there are other questions to consider – and many are the same for you as everyone else approaching retirement:
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Can you afford to retire? Most financial advisors now suggest you plan to live to 90 or 100. If you’ve executed well with that scenario in mind, what’s keeping you from selling your practice? A clear understanding of what your practice is worth might be the missing piece.
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What are your goals? Is moving to a warmer climate, traveling the world, or spending more time with the grandchildren occupying your thoughts lately? If so, maybe making that dream a reality as soon as possible makes sense. Or, would you rather sell the practice but remain on part time without the stress of running the day to day? There are many options and just about anything is negotiable.