There are three myths widely held by the closely held business owner.
Myth One is that there is a buyer out there with cash in hand just waiting for him to put his business up for sale in order that they might grab it at whatever price he believes is fair.
Myth Two is that the business owner calmly sits down with the family and, with the assistance of professionals devises a succession plan which assures the tranquil and harmonious transition of the business for several generations. All of this is done at a minimum of taxes and with little or no disruption to the business.
Myth Three is that the small business owner has been prudently investing all those years and has a retirement nest egg.
In the real world, unfortunately it is usually quite a bit different. SUCCESSION PLANNING is the answer.