On The Agenda:
Business owners are particularly vulnerable to some misconceptions and false assumptions about their retirement. Today we’ll address a few of these issues and help you become better prepared when it comes to building your financial plan.
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Episode Show Notes:
If you’re a business owner, you may be making some mistakes when it comes to your retirement. We’ll explain some of the misconceptions you should know.
If I execute my business plan, my retirement plan will be taken care of as well.
A seasoned business owner is a pretty formidable force, but the biggest risk for a business owner is it’s all about one business. Something could change overnight.
We had friends with a really successful insurance business, then the government charged the compensation package. Don’t have everything in one place. Surround yourself with a team, including a good CFP, CPA and attorney.
It’s wise to establish retirement accounts and fund them religiously instead of relying too heavily on the business itself.
I put most of my money in the business and taxable investments. I don’t think about retirement accounts.
If you’re pushing the edge all the time, sometimes you fall off. But it’s hard to beat a good business owner for return on investment.
As a business owner, you can take your money and make more money, at least on the short term. But you need life insurance, money for retirement and tax planning strategies.
When I sell the business, I’ll make more than enough to support myself in retirement.
What if selling the business to someone outright just isn’t possible? If it’s not, you might have to consider some sort of owner-financing option, in which case you’d need to consider whether or not the business is capable of generating enough cash flow to support you without you personally running the operation.
Listen to the full episode or use the timestamps below to jump to a certain section. Thanks for listening.
Important Points:
0:46 – Retirement taken care of
3:17 – Money in the business
4:56 – Selling the business
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