Despite the fact that the median age of our survey respondents is 59, and plan to retire in the next five years or so, a surprising number of business owners do not know how they intend to sell their routes. Nearly 40 percent of the respondents to our survey said they simply did not know how they plan to retire.
And for those with employees, they may be seriously considering you, and many will do whatever they can to facilitate a successful transfer of power.
Employers want the sale of their life’s work to be a win-win for all parties involved. And in many cases, they have a vested interest in the company continuing to thrive.
That’s because some of those who plan to sell their business to an employee will be using the proceeds of that sale as part of their retirement plan. The general arrangement is to sell to the employee and have the employee pay off the sale using the profits of the business, in some cases, through the life of the former owner. Having a nearly guaranteed source of income until death can represent an enormous level of security for many retired business owners.
So, if you are a hardworking employee of a pool and spa service, with ambitions to one day own your own business (even if that day seems like it’s in the distant future), it’s a good idea to start familiarizing yourself with some of the basics of business ownership.
Because, who knows – your boss may very well have you in mind when the time comes to retire.