As a business owner, you face unique challenges and opportunities when building a financial future. 5 Mistakes Small-Business Owners Make provides insights on mistakes to avoid. It also shares steps to take when building the retirement you desire.
Small-business owners are an essential component of America’s economy. In the UnitedStates,99.7% of all firms are comprised of small businesses with 500 or fewer employees.
Too often, however, small-business owners spend so much time and energy building their company they neglect their personal financial future.
With this report, our goal is to show business owners how to maximize the value of their companies. Another goal is provide strategies that may also help you prepare for retirement. Some topics include:
- One-third of small-business owners don’t have retirement strategies in place. To help ensure you can experience retirement on your terms, you need to create a written retirement plan. In addition, holding yourself accountable helps ensure you stay on track.
- Another consideration is developing an exit strategy. No matter how long you work and how much you love your business, you need a exit strategy. Having one helps determine if you want to sell your business or pass it along to someone. It can also help to determine the real value of your business, identify changes that need to be made, and more.
- Finally, have you thought about separating your retirement savings? Trying to build retirement savings, while you foster your business, can be challenging. With only so many dollars to go around and an endless list of expenses, you might prefer reinvesting in your company. However, even if you are ready to sell your business at retirement, you need to have savings that are completely separate from your business.