Pub. 1 2020 Issue 1

22 Kentucky Trucker Kentucky Trucking Association W hat will I do with my business? That answer will have a great and permanent impact in regard to quality of retirement, family values, various tax implications and employee morale! The highest priority in answering this question is plan- ning. The plan for a business transfer needs to be well thought out. There is not a simple nor a single answer. A report last year by the U.S. Small Business Admin- istration found that small business owners over age 50 Ownership Exit Strategies Steve Ridgley, Pathfinder USA- EVP There are some 12 million baby boomers who own a business, and 70% of them will be retiring over the next couple of decades. Estimates of the total wealth locked up in these companies run in the trillions of dollars according to the Pew Research Center — (pewresearch.com) continued on page 24