While retirement may seem like a long way off, it can creep up slowly. It’s best to plan early for retirement, especially as a small business owner. Working with a financial advisor can help you get the ball rolling, giving you more time to focus on your business, family, and the things you enjoy. A financial advisor can help you set the course for a solid financial plan for the future.
Anchor Wealth Management is a financial planning firm that helps others set a course for their financial future and for their retirement goals. Our financial advisors have years of experience in forming and implementing retirement strategies based on the goals of our clients. We are passionate about ensuring you don’t outlive our money, and at your free consultation, we can begin to discover your goals and put steps in place to reach them. Below, we’ll continue our look at some tips to help you with retirement planning as a small business owner. Call our financial advisors, and book a free consultation at either our Lanark or Rockford office today!
MORE WAYS YOU CAN PLAN FOR RETIREMENT
Make a Plan for When You Retire
Many small business owners are so stuck on the day-to-day operations of their business and their short-term goals on how to make their business grow that they forget that one day they will want to sell their business and retire. In order to do that, you will need a plan to sell your business, and it’s never too early to start planning your exit strategy. For someone else to take over your business (even if it is a relative), the business must be able to run without you. This can be difficult depending on the nature of your business. Thus, when you have a plan, you begin to set into motion the pieces you will need in order to be able to retire. This also benefits you while you are working so that you can take a vacation without the business falling apart.
Another great reason to have all of the pieces in place well before you retire is that you will want to sell your business when the time is right. Selling in a downturn economy means you won’t get as much for your business or you won’t be able to sell it in a timely fashion. For most small business owners, their business is their greatest asset, so you want to be able to get the most for it, especially considering how much work you’ve put into it over the years. This may mean an earlier retirement than you expected, which should be great news for you!
Plan Your Will
As a small business owner, you really can’t afford to not have a will, which is important if you pass away before you have retired. The last thing you want is for your business to fold or be a by-product of an employee or family dispute because there is no plan left behind. Plus, if you have built a lucrative business, you want your family to profit from it, and if you have adult children that still need caring for, a plan is important for their financial well-being as well. Partner with a qualified estate planning attorney who can help you put together your will, so you can have peace of mind that your family will be taken care of once you pass.
CHOOSE ANCHOR WEALTH MANAGEMENT TODAY
In life, we have hope that anchors our soul firm and secure. Similarly, you need an anchor for your finances. While no one particularly enjoys talking about their finances, especially if you are struggling, the sooner you set a plan in place, the more likely you will reach your financial goals, and to be honest, the sooner you can walk taller and breathe more easily.
The financial advisors at Anchor Wealth Management offer comprehensive financial and retirement planning for our clients. We utilize a variety of tools for your small business retirement planning that will ensure you can retire when you want to retire with the income you need to do all of the things you love doing. Our comprehensive financial plans account for both your personal and your business financial planning. From helping you to budget to keeping you accountable to your financial goals, the financial advisors at Anchor Wealth Management are here every step of the way and will be your financial anchor in the sea of life. Give us a call for a free consultation today.