Ten tips for small business owners faced with retirement

Keeping track of all the daily tasks involved running your own business is difficult enough, let a lone trying to plan for retirement at the same time! It’s something that you don’t want to leave until the last minute though.

The Globe & Mail have compiled a great list of ten tips for small business owners faced with retirement. We’ve sampled the first two here but make sure you check out their full article, there’s some great information.

I would imagine the below statement is similar in Vancouver too!

According to the recent Small Business Banking in Ontario Study conducted byMeridian , 20 per cent of the province’s small business owners stay up a night worrying about how they will save for retirement.

Here are the first two tips!

1. Start now. Retirement planning is important for everyone, but small business owners are often guilty of funnelling all of their energy, time and resources back into their business. As a result, their future – which includes a sound retirement plan – is put on the back burner. Saving for retirement is a marathon not a sprint, so starting to save as soon as possible is vital.

2.Your business succession plan is part of your retirement plan. While a succession plan is one aspect of your retirement plan, it should never take the place of a holistic retirement plan.  Similar to planning for retirement, creating a succession plan shouldn’t be put off until the eleventh hour.  Even if retirement is decades away, take the time to formalize your succession plan to ensure you’re making the right decisions for you and your business.

 

Read the full article: HERE

 

Do you have anything to add to their article? Let me know in the comments below.