13 finance experts’ tips to help business owners prepare for retirement

by Forbes

Founding and owning a successful business doesn’t necessarily insulate someone from potential financial difficulties. Indeed, balancing the needs of the business with personal financial needs can be an ongoing challenge. And like everyone else, business owners need to develop a plan to provide for and protect themselves and their families in retirement.

No matter the stage your business is in, it’s always wise to start planning for the future. Below, a panel of 13 Forbes Finance Council members shares tips to help business owners prepare for retirement.

1. Don’t assume the sale of your business will provide enough of a nest egg.

Retirement implies no income from working, therefore necessitating a “nest egg” that either produces investment income or is drawn down over time. It’s natural for business owners to assume that their nest egg will come from selling their business. The problem occurs when the business can’t be sold for what the owner needs to retire. This risk is mitigated by consistently saving for retirement. – Aaron Spool, Eventus Advisory Group, LLC

 

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