If you have spent the last few decades of your life dedicated to your work, knowing when to step away can be challenging. As a business owner, planning for retirement is often both an emotional and financial process. When the time comes, transitioning into life after the sale of your business can feel overwhelming. However, it is not something to dread.

Although moving on from your business may feel like a difficult process, retirement is an equally exciting and rewarding period in your life.

Here are a few tips and insights for entering your golden years as a business owner. 

Succession Planning 

As an entrepreneur, you put your whole heart into growing and running your business. When the time comes for you to step aside, having a strong succession plan is paramount for ensuring your business is successful long into the future. Like any business decision, developing an exit strategy early can yield the best possible results. 

First and foremost, determine who you would like to see at the helm of your business down the line. This decision has both emotional and financial implications. If the legacy of your business is an utmost concern, transferring or selling it to a family member or business partner may be the preferable route. If the funds from the sale of your business are a considerable factor in your retirement planning, selling to a third party may bring the best return on your years of investment. 

Like any major business decision, succession planning involves working with specialists who can help ensure the process goes smoothly. From financial planners to lawyers and brokers, navigating the logistics of your business sale will be an involved process. 

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Looking to make the most out of retirement? Explore these informative blog posts. 

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Enjoy Time Spent Together

As a business owner, your personal life can come with moments of sacrifice. Entrepreneurship is an often demanding and time-consuming path. Now, transitioning to retirement allows you to make up for the lost time. After years of hard work, your golden years are a great time to connect with friends or family who you may have not had as much time for during your career. 

After pouring your heart and soul into your business, entering retirement can be an emotional process. However, embracing human connection is a good way to stay present and fulfilled as you enter your next chapter. 

Seek Out New Places

After spending years thinking about your business every day, retirement can be a big change both physically and emotionally. If you have concerns about letting go of your business, exploring new places can be a great way to focus on new things. For instance, a vacation or trip abroad can help you disconnect from your everyday routine. If you prefer a relaxing getaway to energetic travel experiences, extended stays at a cottage or vacation property can be a great way to unwind.

As a retiree, the opportunities for travel and long-term retreats are endless. If you are in need of inspiration, your real estate agent can help you find a great vacation destination or property based on your unique interests and preferences. 

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Thinking about buying a secondary or vacation property for retirement? Explore these resources from our blog. 

• Rising Interest Rates: What Buyers and Sellers Should Know
• Top 5 Upscale Vacation Properties in Canada
• Luxury Real Estate Market Outlook 2022

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Upgrade Your Home 

As you transition into retirement, you may find that you are spending more time at home than you ever have. With more time available, why not take the opportunity to make upgrades to your living space? Home improvement projects can not only be a great investment, but they also allow you to further tailor your space to your unique tastes and needs. 

Of course, upgrading your home does not have to mean renovations or even moving to a larger space. In fact, for many Canadians, retirement marks the right time to downsize. Plus, for homeowners in an upper-income bracket, there have never been more options for scaling down your living space. From purpose-built rentals to condos and townhomes, the luxury market has something for everyone. Working with a real estate agent who specializes in high-end downsizing can help you find a stunning new place to call home. 

Have questions about how retirement may look for you? We are here to help. Contact us.