Most small business owners don’t make nearly enough money from the sale of their business to survive the thirty to forty years they may live after the sale. You must start saving early and consistently. Consider a tax assisted retirement savings program. Another strategy is to buy the real estate where your business is located. Find a financial planner you trust and start today. There is nothing worse than being physically or mentally exhausted and having to leave the business but resisting it because you do not have the downstream financial resources.
Many owners we work with intend to augment their savings by seeking employment in the future. They just want to get the weight of owning a business off their shoulders. If the income expectations and time requirements are realistic this is a good plan. Limited future employment is becoming a normal component of many owners’ plans.
If you are not in a position to properly make these types of plans yourself meet with a competent financial planner early. Find a way to save. Make it a priority because your future depends on it.