Transworld Business Advisors shares retirement top tips

Sophie Cole, writer

Published at 15/10/2018, Updated on 07/10/2020 , Reading time: 1 min

A Transworld Business Advisors franchisee has been sharing her top tips for selling a business ahead of retirement

Shockingly, a recent study found that more than 40% of small business owners wouldn’t feel financially confident retiring before the age of 65 and a shocking 72% haven’t even planned what will happen to their business once they do. So, Jessica Fialkovich, president of Transworld Business Advisors in Rocky Mountain, Denver, has been sharing some useful advice on how to sell your small business ahead of retirement.

She advises against business owners solely basing their retirement income on the sale of their business, in case it doesn’t sell for as much as they’d hoped and suggests that investing money in multiple sources is the wisest thing to do. Fialkovich says that keeping clear financial records will also help businesses sell for the maximum price, backing its success up with concrete evidence.

“That’s what buyers will ask for when they’re performing due diligence to verify any claims the owners have made,” she explains. “Sometimes they’ll even tie those all the way back to bank statements.”

The business advisory franchise acts as a brokerage, ensuring that both buyers and sellers get the best out of the sale of businesses. Fialkovich’s other top tips include easing yourself out of the business ahead of your retirement, ensuring it continues to run smoothly without you thereby increasing its sale value and documenting your systems so its easy for the new owner to figure out how things work.

Her final piece of advice is to remove any legal obstacles that could potentially make things tricky for the new owner. She explains that issues such as transferring a lease are best dealt with in advance, to avoid any hidden complications or costs.

Since it was established in 1979, Transworld Business Advisors has specialised in the sale of businesses, making it easy for buyers to find successful, reputable businesses to take over and enabling sellers to find the right person to continue their company’s legacy.