Planning is critical when you’re a small-business owner planning for future retirement. The key is to start strategically planning early on in the game, and then executing the program as foolproof as possible. Many financial experts call these “business secession” plans, and part of them include buy-in options from other stakeholders in the market. With only 30% of mom and pop businesses making it to the second generation, planning for retirement while still keeping your business afoot will take a lot of patience and diligence.
- Due to the statistics stacked against them, strategic planning and organization ahead of time are vital when it comes to small businesses setting up for retirement.
- Did you know that 78% of small businesses don’t have a formal professional transition team? These could save both time and expenses over time.
- Most business owners find themselves being spread too thin among too many different projects, which is why calling in professionals can help.
“The small-business owner often overlooks their most valuable investment for their retirement and their legacy: their business. Most business owners work tirelessly year-after-year to operate, sustain and grow their companies, but they may not be spending nearly as much time examining planning and strategy.”
Read more: Kiplinger
Sunwest Trust does not sell financial assets or provide tax or financial advice. The info presented is for educational purposes only. Please seek a licensed financial planner or competent tax professional for specific advice about your specific investing needs.
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