Issue link: https://nebusinessmedia.uberflip.com/i/1242204
W W W. M A I N E B I Z . B I Z 21 M AY 5 , 2 0 2 0 F O C U S W E A LT H M A N A G M E N T / R E T I R E M E N T "ere are a handful of owners, even relatively young business owners, who start out thinking, 'What will I do with this business when I'm done with it?'" Lyon says. "However, the majority of people don't give it much thought until they reach a point where they think, 'I'd like to be done in three to five years. Often, three to five years can remain three to five years for a decade or longer because they never get a plan together. Owners struggle with exit plans because no one is holding them accountable to create one, it's daunting to think about so they don't know what to do, and deep down they aren't convinced they want to exit. Owners tend to stay in limbo in their business until they discover some- thing more interesting to do, and then they want to rush the process." C O N T I N U E D O N F O L L OW I N G PA G E ยป RESPONSIBILITY FIRST W E A L T H M A N A G E M E N T TheFirst.com/WealthManagement "It's our responsibility to be stewards of our clients' assets, to steer for the horizon, and protect their wealth so they can focus on making the most of today." Gary E. Stone First National Wealth Management Securities and investment products are not bank deposits, are not insured by the FDIC or any other government agency, are not obligations of, nor guaranteed by, any bank or bank affiliate, and may involve investment risk, including the possible loss of value or principal amount invested. Types of plans Sell shares or ownership inter- ests to a co-owner. Open market sale to an outside party, such as an entrepreneur or competitor. Family transition to the next generation. Sell to employees. Options include worker cooperative conver- sion, employee stock ownership plan, senior management buyout, cultivating an entrepreneur. For a business with multiple owners, sell ownership interests back to the company, then distrib- ute them to remaining owners. S O U R C E : Ownership Transition Initiative and Fit Small Business Many business owners Many business owners don't contemplate crafting don't contemplate crafting a transition plan until a transition plan until they're ready to retire, they're ready to retire, says says Jim Lyon Jim Lyon of of Summit Summit 9 Consulting 9 Consulting, a business , a business coaching and consulting coaching and consulting firm in Yarmouth. firm in Yarmouth. P H O T O / T I M G R E E N WAY 20251422 Perkins Thompson_3/8.ad3.indd 1 3/8/19 1:58 PM