Because the small business community affects the economy nationwide, it follows that the transfer, sale or closure of even one operation carries fiscal significance. Research from the U.S. Small Business Administration reveals this sector has maintained considerable activity.
As defined by the U.S. Small Business Administration, any independent company employing fewer than 500 personnel fits the small business classification. Currently, firms of this type represent 99.9% of the 27.2 million existing American businesses. Even in today's challenging economic climate, an estimated 637,100 new employer firms began operations in 2007. On a less positive note, however, 560,300 ventures also closed that year.
Still, entrepreneurs who leave their companies behind - either voluntarily, from economic necessity or to retire - do have options that can facilitate the process. The secret lies in a well-planned exit strategy.
When Your Goal is to Retire
After 30 or 40 years of hard work and saving, most people see retirement as the chance to do what they've always dreamed of - whether that's relaxing in a backyard hammock or sailing around the world. Realizing these fantasies - or any other for that matter - requires cold, hard cash. Fortunately, strategies to ensure a comfortable retirement do exist. The secret lies in finding the right plan and getting started as soon as possible.
What To Do With Your Business
Perhaps Jimmy Junior has the potential to take the corporate reins when you retire, or maybe putting the company up for sale would be the easier and more profitable choice. Whatever your situation, financial consultants invariably stress a systematic exit strategy, even when that involves bankruptcy. Consider this section your guide to a comprehensive array of programs and best practices to help you expedite getting out of business.
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