Many people see their business as their retirement plan, looking to the business to provide the capital and/or income to support the retirement ambition.
But have you considered how the business can operate without you? Are you key to the business, so much so that without you the business may contract, even die? If this is the case, then a succession plan needs to be developed in order to maximise the most important business valuation enhancer, that of underlying profit sustainability and hence goodwill.
