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By Wayne Rivers, CEO Family Business Institute

At a recent speaking engagement for family business owners, the attendees were very concerned about knowing how and when to exit their companies. After a bit of discussion about some of the steps necessary for a family business owner to exit his company, one of the issues that appeared starkly was the lack of retirement assets this particular group of FBOs had set aside for themselves.

The typical family business owner (FBO) invests and reinvests in his business over time. Many entrepreneurs and closely held business owners practice a policy of self-sacrifice, pay themselves relatively low wages, and hope for a day when the business is profitable and they will be able to take out substantial money in order to have the kind of lifestyles and retirements they dream about.

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