Succession planning for real estate company owners
You have spent many years building your real estate business. What is your exit plan? It is imperative that you have a plan in place long before it is needed. So where do you begin? The definition of the retirement you need to plan for is that you have your assets and income sources in place so that you could live comfortably without work of any kind. If you are working it is only because you enjoy it but it is no longer a necessity. You may reach a point in your life that you have no choice but to stop working due to personal medical reasons or family issues that you have no control over. I suggest you have a plan in place before this happens.
First, when do you reasonably want to have the above definition of retirement in place? If at all possible you should start building your exit plan six or more years prior to that date.
When looking for a potential partner to bring in and ultimately buy you out I suggest you do not look for a “clone of you” but instead look for the “opposite of you”. What are you really good at and enjoy doing your business? Find someone who compliments that. That way each of you can focus on what you are best at and enjoy and can better help each other be more successful. This will enable you to build the value of the business before selling it to your successor.