Retirement is often viewed as a faraway event. So far away that many people ignore retirement planning throughout the first part of their life – and then realisation kicks in about how to continue living their current lifestyle without a guaranteed income.
As a business owner, retirement planning applies to yourself as a director and to your employees.
Have you thought about what will happen when you choose to retire?
- Do you have a management team in place to hand over the business reins to?
- Have you considered selling the company to a competitor, an investor or as an acquisition?
These are important questions and planning an exit strategy from the business will allow you plan effectively and enjoy your retirement.
The earlier you plan your exit strategy the better because it will allow sufficient time to build your legacy and ensure the company is valued for its true worth and your hard work over the years.
Effective planning will allow you to reduce tax payments, accumulate sufficient funds to live off, prepare for healthcare costs and tick off exciting bucket list items.