Gen X business owners: Is your company your retirement plan — and is that enough?

Core Insights - Gen X business owners face significant retirement concerns, with 42% worrying they may never retire, often relying on the sale of their business as their retirement plan [2][3] Group 1: Business Valuation and Planning - Understanding the value of the business is crucial; owners should obtain a professional valuation and compare it with similar businesses to assess if it can fund their desired lifestyle [3] - The valuation process can be emotionally challenging, as it may not meet owners' expectations, necessitating a realistic assessment of other retirement assets [3] Group 2: Exit Strategy - Business owners should plan their exit strategy well in advance, ideally giving themselves a five-year timeline to sell the business, allowing for strategic discussions and personal savings [4] - Engaging in discussions about retirement savings and utilizing state small-business retirement initiatives can ease the financial burden [5] Group 3: Succession Planning - Family transitions may not always be viable, as many family members may not wish to take over the business; alternatives include hiring a professional CEO or using an employee stock ownership plan (ESOP) [6]