Op-ed: How to sell your business and retire during the coronavirus pandemic investinyou (In partnership with acorns.)
If your business has been struggling since the pandemic and you don't have a strong desire to continue running it, you may be better off selling it at its current valuation than putting more money into it. If you drain too much of your personal assets trying to save the business, it will be hard to move on with the next phase of your life.
The sooner you pinpoint any risk factors, the more quickly you can identify them and fix them — or determine that it's not worthwhile to invest in fixing them and adjust your asking price accordingly. Scott Ford, a financial planner at Carson Wealth in Hagerstown, Maryland, and Kingsport, Tennessee, whom I work with, recently acquired another wealth management firm where the owner was struggling to take care of a large client list and pay down a large bank loan. Ford wanted to buy the business because it was a valuable opportunity to acquire clients. He later sold a stake in it to Carson Wealth, his parent company.
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