Financial Planning for Business Owners

Today’s Prep:

What happens when you want to retire as a business owner? Eric talks through some things to consider as you look ahead toward that transition.

(Click the featured times below to jump forward in the episode)

Equipping Points:

When you’re a business owner, you put your heart and soul into your business. There’s a lot that goes into starting and running a successful business. When it’s time to retire though, how can you make sure your transition goes well?

You have to be able to find someone to buy the business and at the value you think it’s worth. When you’re the owner of the business, there’s a certain amount of value that you bring to that equation that’s hard to transfer to somebody else. The longer you’ve been in your business, the harder it gets.

Amidst a volatile market, you might be nervous about selling the business at the right time. Depending on what kind of business you’re in, you might transition slowly or create a succession plan. Some don’t want to retire fully, but instead have more flexibility.

Some businesses go on to the next generation. If your kids are involved in the business, they might naturally take it on once you’re ready to retire. But sometimes that isn’t the case. Make sure that your retirement plan takes into consideration your succession plan. As a business owner, Eric understands what you’re going through and can help as you make these plans for your business into your retirement.

Listen to the entire episode or skip ahead using the timestamps below.

[1:04] – If you start a successful business, will you be set for retirement?

[5:30] – How will you sell it?

[9:02] – Are you planning on the family taking over?

 

Today’s Takeaway:

When you’re the owner of the business, there’s a certain amount of value that you bring to that equation that’s hard to translate to somebody else.

-Eric Peterson

Related Resources:

Financial Things We Can All Relate To

Mailbag: Money Management Tips For Younger Couples

What Do You Need to Know About Today’s Inflation?

More From Eric:

The host: Eric Peterson - Contact - Call: (515) 226-1500

Subscribe To The Podcast:

Apple Podcasts  -  Google Podcasts  -  Spotify  -  Stitcher  -  iHeartRadio  -  TuneIn

Check out some other recent episodes

Mailbag: How Much is Too Much to Spend on a Forever Home?

August 4, 2022

Retirement decisions involve a lot more than just the money, but also the emotional and lifestyle decisions, too. Eric answers three questions from the mailbag from listeners making retirement decisions.

Read More

Financial Jeopardy

July 28, 2022

We play the game of Jeopardy as Eric answers financial questions on today’s show. Do you know all the answers?

Read More

401(k) Weaknesses

July 21, 2022

If you have a 401(k), what are some of the downsides? Eric talks through what a 401(k) is best for and when it is better to invest elsewhere.

Read More

Retirement Planning: It’s Not As Easy As It Looks

July 14, 2022

What should you be considering when trying to DIY your retirement plan? Eric talks through why many later decide working with a financial advisor is best.

Read More

Financial Security in Retirement

July 7, 2022

What does it look like to achieve financial security? Let’s talk through a few financial goals people have when they meet with a financial advisor.

Read More

Economic News and Sensational Headlines

June 23, 2022

How much should you pay attention to some of these recent financial news headlines? Eric shares what he thinks and what matters when it comes to your financial situation.

Read More

Conventional Wisdom

June 16, 2022

Should you follow conventional wisdom when it comes to your financial decisions? Eric shares when the conventional wisdom might not be best.

Read More

Retirement Vacation Planning

June 9, 2022

Let’s plan the vacation of your dreams: retirement. More than simply a week away, you want to spend the right amount of time and energy thinking about this major season in life.

Read More

Financial Things We Can All Relate To

June 2, 2022

What are we all facing and wondering about in our financial futures? Eric talks through a few topics you might have had on your mind lately.

Read More

Mailbag: Should I Move my Mom’s Money into Investments?

May 26, 2022

Where’s the best place for your money to go? Several people are considering where their money should be, so Eric answers three questions from the mailbag for today’s show.

Read More

Leave a Comment