My father (65) runs a reasonably successful garage door and locksmith business, supplying and fitting in the local area. The business has been going for over 30 years and they employ a small workforce (about 4 engineers and 2 office staff), runs out of two units on an industrial estate that belong to the company, and also has several works vehicles.
He has just turned 65 this year, and has been speaking about bringing it to a close or delegating/selling it. He has several repeat clients and often mentions how he feels "stuck" with what to do now he wants to bring his time there to a close.
Here is the situation. Slowing down the work to eventually close up would give his current employees a pretty good idea of what's to come and would leave to find jobs elsewhere, leaving him in a sticky situation for remaining jobs to be completed, with the risk of having no employees to complete them. With a good list of clients and the assets that are within the company, what would be the best route for him to take, possibly aiming to sell up, or seeking financial advice from someone/somewhere?
He's worked incredibly hard, long hours throughout his life and has had enough with running it, however I feel it would be a waste to run it into the ground. He also has a comfortable amount of savings/pensions to see him through. I let him know that I would check out some possible solutions online. What would your suggestions be for this situation?
Thanks in advance ?
TL;DR - Wants to retire from running a business, what's the best plan of action?
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