If you are in your 60s or 70s and own a business you may be thinking about retirement at some point. But for many business owners, this can be a scary thought. What do you do with all of your time? Will you miss running the business and seeing the employees every day?Fortunately, there is a way to test the waters on this without fully retiring. At the same time, you can secure your financial future and not have to carry the burdens of owning the business.
When you sell your business many buyers like to have the seller stay on after the sale and help to train the new buyer and make sure that things continue to go smoothly with the employees and customers. There is usually an employment agreement that goes with the sale of a business. The employment term can be as short as a week or as long as a number of years.