Retiring from a business you founded isn't like leaving a job. It's a personal, financial, and emotional process that takes time and coordination. Whether you want to sell, pass the business to family, or simply step away, the best outcomes follow thoughtful preparation. FIRST, START WITH A CLEAR PLAN. Begin by asking key questions: When do you want to retire? Do you want to sell, transfer ownership, or wind down operations at your business? Do you have a particular person in mind to take over? The answers will shape everything from your tax strategy to your lifestyle goals. GET A PROFESSIONAL VALUATION OF YOUR BUSINESS. You need to know what you're working with. Most people know the value of their home and financial portfolio, but very few know what their business is worth. Find a good business broker or mergers and acquisitions person from your industry to find out. If a sale is likely, make sure your financial records are How to Retire Gradually From Your Business
clean and your management team is stable, as buyers will pay more for a business that can run smoothly without you. You could also ask trusted employees to sign retention agreements to reassure potential buyers by protecting continuity. DECIDE HOW YOU'LL EXIT. If you plan to sell, work with your financial and tax advisers to coordinate the sale with your broader retirement strategy. You need a tax- smart withdrawal plan that covers personal and business assets so that neither your retirement income nor your company's value takes an unnecessary hit. If you'd rather stay involved, consider scaling back instead of stepping away completely. Many founders shift to advisory or consulting roles, providing high-level insights without being involved day-to-day. This approach preserves connection and purpose while giving you more freedom, but your ongoing commitment may delay the financial rewards of a full sale. Family succession is another path. Passing the business to children or other relatives can create a legacy, but it requires early and open discussions. Make sure potential successors want the role and understand its responsibilities. If multiple family members are interested, try to prevent conflict by establishing clear ownership and leadership structures. Remember that transferring ownership as a
gift may trigger gift tax obligations for you and potential tax consequences for your successor, so plan these transitions carefully. TAKE IT SLOWLY. Gradual transitions often work best. Reducing your work hours, delegating responsibilities, and mentoring future leaders together ensure continuity for your team and your clients. A slow handoff allows you to pass along institutional knowledge and ease into retirement, both emotionally and financially. Outside the office, consider what you're retiring to, not just what you're leaving behind. Many founders find fulfillment by serving on boards, mentoring startups, or investing in interesting ventures. Channeling your experience into fresh projects can replace the structure and sense of purpose your business once provided. You've spent years defining yourself through your company's success. A deliberate, well- planned transition allows you to preserve that legacy even as you build a new life focused on curiosity, connection, and independence. It also helps you reap the benefits of receiving the reward of being paid for the many years of hard work that it took to retire.
–Terry Monroe
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be bigger stores with more items, products, and services available to their customers. Can anyone say “Buc-ee's”? Of course, we have seen mobile apps and self- checkout kiosks to reduce labor and quicken the checkout process. Then we have the multitude of foods being introduced with a strong focus on healthier, fresh food offerings aimed at fitness- oriented millennials and other demographics. These will become a priority because prepared food is a must for the convenience store in the future to serve all your customers. Overall, the big convenience store chains will grow in number of stores, and the middle- market convenience store chains consisting of 200–500 stores will continue to grow, but the owners of the 100 stores and fewer will be consolidated or reduced in size because of labor costs going forward and the lack of
infrastructure. The 1–5 convenience store operators will be able to continue to operate their stores with family and friends and control their labor costs, but the multi-store operators above the 5-store number going forward will have a harder time controlling their costs because they are not big enough to have all the benefits of a 200-store chain that has built a strong infrastructure and can take the hit of a new competitor coming into their marketplace. If you have 1–40 stores, and a competitor builds a new store down the street from you that is larger, has a great food service program, and is a good operator, you cannot afford to lose 40%–50% of your business. If you have more than 40 stores, this means you will probably have 3–5 new stores being opened in your marketplace every year just because of the demographics and evolution of the convenience store business.
I make these statements because of my 25 years working in the M&A business, helping convenience store owners understand what their businesses are worth and helping them convert their many years of hard work into cash so they can retire or share their wealth with their family. I never talk anyone into selling their business, but what I do is provide information as to what is happening in the industry, and only they know their situation and when the time is right to step away. I believe the convenience store industry is one of the great industries still available with a long future, but you have to be ready to change with the times. Happy New Year and get ready for an exciting 2026 and beyond. –Terry Monroe
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