Retirement planning for entrepreneurs is primarily a question of lifestyle. Some questions most are faced with include: Are you prepared to give up day-to-day management of the business? Will you have to train a successor? Will this be a semi or full retirement? Do you have to sell the business in order to retire? Where do you want to live? Once the questions above have been considered, they need to assess how their assets need to be restructured. Typically this is when we would help them move from building wealth to converting wealth into an income stream separate from the business. Other questions include: Is it necessary to sell the business in order to fund your retirement? Do you have time to accumulate non-business assets for this purpose? Can you unlock the retained earnings in the business to fund retirement? Are there any tax strategies that will reduce income tax on your retirement income?
We help business owners answer these questions every day. We would be glad to help you answer them as well.