Smart Ways To Transfer The Family Business with Bank of America
These three strategies can help you create a meaningful legacy while generating a healthy retirement income. FOR MOST BUSINESS OWNERS, retirement is either a topic they embrace or the last thing they want to think about. If you're anticipating that day, you may have already begun preparing to step away from your business. “For many business owners, their retirement plan is their business,” says Judith Anderson, senior vice president of Retirement Personal & Wealth Solutions at Bank of America. “For many business owners, their retirement plan is their business.” — Judith Anderson, Senior Vice President, Retirement Personal & Wealth Solutions, Bank of America Indeed, selling your business—or passing it on to the next generation—at retirement can enhance your income, provided your company has the necessary systems to function without your direct involvement. “If you determine that the company can thrive without you at the helm, your next step is to obtain an accurate valuatio...