More time is often spent on planning for a vacation than is spent on planning for a retirement that may last several decades. A successful, secure and enjoyable retirement doesn't just happen on its own. Time and effort must be given to preparing for this important time of life.

Among the considerations that should be made are the following:

• What amount of income will you need during retirement to be able to lead the type of lifestyle that is desired? Where will that income come from?
• What role will your business play in financing your retirement plans? Do you have a current Valuation on your business to give you a clear picture of what a sale would generate?
• Do you plan to sell your business, transfer it to family members, or do you have an ESOP in place to transfer the business to employees?
• Have you asked your CPA and other advisors to suggest ways to structure the sale of your business to help reduce taxes after closing?
• Do you have as one of your advisors a financial planner who could explore a variety of tax-qualified plans and other tax reduction strategies for your review?

Commonwealth Business Solutions may be of help in several of these considerations:

• We can prepare an accurate and realistic Valuation of your business in today's marketplace. In this way, you will be able to judge if the proceeds from the sale will be adequate for your retirement plans, or if you need to review your other current investments for their effectiveness in meeting your needs.
• One of our Principals is a Certified Retirement Financial Advisor, and could be an excellent resource for you to review your current retirement plans and possibly suggest some additional programs to help you achieve your goals.

Counseling might be a first step to put problems and frustrations on the table and hopefully resolve them. Sometimes this approach clears the air and all parties are ready to move forward together. Unfortunately, at other times things may have deteriorated beyond the counseling solution and other avenues need to be explored.

Some of these options might include:

• One partner might consider buying out the other. (You do have a Buy-Sell Agreement, don't you?)
• One-half of the partnership might be offered for sale to someone else in the business or even outside the business.
• If both parties are agreeable, the entire business could be sold and the profits of the sale distributed to both partners.

Here's how Commonwealth Business Solutions can help:

• No matter which option you may consider, the first thing you will need is an accurate Valuation to give you a basis for your negotiation.
• If one of the partners is interested in buying out the other, he/she may need financing to accomplish this. CBS has excellent sources for these funds - lenders who specialize in partnership buy-outs and offer attractive terms.
• In the event that both partners decide that the best answer is to sell the entire business, CBS can prepare the Valuation to establish price; prepare a professional sales memorandum (or marketing package); and discreetly bring financially qualified buyers to the table. And finally, you'll be pleased to hear that the fee charged by CBS is 7% of the final sale price rather than the 10-12% charged by typical business brokers.

Many small business owners share the dream of one day handing down the reins of ownership to family members who may be interested. The biggest problem, typically, is that the "kids" don't have the kind of money needed to buy the business. The other side of that coin is that the parents need the cash from the sale of their business to cover some of their retirement costs. Even if the parent could finance the sale, there is always the concern of what to do if they find themselves at the bottom of the list of payables for the business. A real family dilemma!

Commonwealth Business Solutions may be able to help and here's how:

• We work closely with several lenders who specialize in financing family businesses. Their terms are excellent and the down payment required for the borrowers is very low. (This is particularly true if your kids have been working in the business for some time.)
• You will need an accurate and realistic Valuation of your business, which we can provide. You may also need some assistance in putting together a comprehensive package on your business operation for the lender. Again, this is an area in which we can help.
• In other words, Commonwealth Business Solutions can help prepare all the documentation required by the lender to give your kids the opportunity of buying your business, without your having to play banker!

Running a small business requires making lots of decisions. Making the decision to sell may be the toughest one you've faced. "Burnout" is common among business owners. The smart ones deal with it before it can impact their business - and personal life.

If you've definitely decided it's time to sell, Commonwealth Business Solutions could be your answer. Here's how you'll benefit:

• One of our Principals, Bette Wildermuth, was a business broker in Richmond, and has over twenty years of experience in valuing businesses and negotiating business sales. If you desire, CBS can act as the intermediary (broker) in the sale of your business.
• Among our three Principals, we have the advantage of networking throughout Richmond and Central Virginia to discretely find the appropriate potential buyers for your business. Only financially qualified people would be introduced to your company, and the sale would be handled confidentially.
• In addition to the Valuation, we'll take an objective look at your business - just as a buyer might- and give you specific suggestions for "sprucing up" and eliminating any potential obstacles to a successful sale.
• We are experienced in developing an effective sales memorandum (or marketing package) to give to serious buyers. This is just another way we give you the competitive edge in the marketplace.
• Best news of all - unlike typical business brokers, we do not work on a 10 or 12 percent commission basis. (On the sale of a $500,000 business, the broker might be entitled to a commission of $50,000 to $60,000!) Instead, we work on a fee of 7% of the final sale price. We do charge for the valuation - anywhere from $2,500 to $7,500, depending on the complexity and size of your business. Now, you can do the math - on that $500,000 sale our fee would have been $35,000 plus the valuation (let's use an average of $3,000), and you can see that the total is $38,000, or a savings of at least $12,000 to the seller!