Planning for retirement can seem like a daunting task, whether you’re ahead of the game or scrambling to catch up. For many appraisers, being self-employed or working at a small business can make the task seem even more overwhelming, since they often don’t have the resources available to those at larger companies.
A recent article in Valuation magazine, Green Eggs (Ham Optional), explored the challenges all professionals face when planning for retirement, as well as some unique to appraisers.
The following tips can help appraisers get ahead on their retirement planning, no matter at what stage they may be jumping in.
The article addresses both the hard (business) side and soft (family) side of the succession process. It also covers the three overarching rules for keeping the peace, whether to transfer ownership to a child lacking the necessary skill set, giving up control of the company without a solid plan in place, and whether to implement succession all at once or in small chunks. The average age of entrepreneurs who seek succession planning is 57, and they look to work an additional eight to 10 years.