RETAILOBSERVER.COM JANUARY 2017
6
Moe Lastfogel
moe@retailobserver.com
Moe's Musings Views
Happy Retailing,
A
s I sat in my room at KBIS in Orlando, the beauty of the palm
trees and the cool, balmy breezes made me think of my dream to
retire on a beach somewhere, someday. I asked myself, "When will I
be ready to retire?" So, I started thinking about my strategy for the
future.
What have you done to prepare for your retirement? We all think
about that little cabin in the woods or the hammock we'll lay in as the
waves lap at the shore. Do you have a strategy in place or is it
something that you keep putting off, or worse, out of your mind
entirely?
Who have you picked for your successor? A son or daughter, a
grandchild or even an employee? Has anyone shown an interest in
taking over for you when the time comes? My suggestion would be
to start the process early so that you can make the transition into
retirement an easier one. I have been through a few ownership
transitions in my lifetime and the quicker they happen, the harder it
is for everyone involved. No one likes being blindsided, especially
employees.
I'm no expert on the subject and I am sure there are quite a few
advisors out there that can help you get things organized. I suggest
just starting with a simple plan that includes the approximate date
you'd like to retire and what you want to do when the time comes.
Don't let your retirement sneak up on you. With a little planning now,
there should be no reason that you won't receive back all that you've
invested into your business and enjoy the retirement that you
deserve.
TIME TO THINK
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