When you hold a business close to your heart, it can be difficult to think of life after it.
For example, among small business owners surveyed, 77 percent of women and 74 percent of men have no written plan for retirement, according to a study by The American College.
While easy to do, bypassing thoughts of retirement may lead to less-than-desired outcomes. For starters, not thinking about the future can make it hard to set aside the time needed to get your business ready to sell. This can hamper retirement planning for business owners, especially if proceeds from the sale or transition of the business will be used to help support your retirement goals. It can also make it tough to let go of daily operations at the business.
“The best thing business owners can give themselves is time to prepare for the transition of the business and plan for what’s next,” notes Richard C. Watson III, Senior Director of Planning, Wells Fargo Business Advisory Services.
Taking steps now can help make the move into retirement — whether it’s in the near or distant future — a smooth one.
Here’s how to get started:Read More
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