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5 Steps to Retire from Your Business with Confidence
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July 5th 2017 - 5 Steps to Retire from Your Business with Confidence As a business owner, you’ve poured your time and energy into making your company successful. But how much thought have you given to what will happen when you relinquish this role? Sooner or later, you will step down and hand the reins to someone else. Even if you intend to work for many more years, having a well-defined path can help you develop peace of mind as you enter the next phase of life. Looking ahead allows you to anticipate future opportunities and challenges, as well as give you time to create financial contingency plans that improve your prospects down the road. Here are five ways to constructively think ahead.
Next, think about what you desire for your business when you leave the helm. If you want your company to continue after you’re gone, then it’s important to groom future leaders. A succession plan can help you avoid potential gaps in the chain of command and make your company more attractive to prospective buyers. Even if you choose to shut the doors, you’ll want to think about how to best wrap things up with vendors, customers and clients.
When you have a retirement savings account in place, commit to making regular contributions. Start as early as you can and consider increasing your contribution as you get closer to retirement age. Enlist the help of a financial advisor to ensure your retirement plan is robust enough to finance your transition and maximize your retirement.
___________________________________________________________ Eric Ellis, CFP®, CRPC®, CLTC, APMA® is a Financial Advisor and Associate Manager with Ameriprise Financial Services, Inc. in Bedford, NH. He specializes in fee-based financial planning and asset management strategies and has been in practice for10 years. To contact him call 603.391.0512 or by email at eric.m.ellis@ampf.com His office is located at 5 Bedford Farms, Bedford, NH 03110 Investment advisory products and services are made available through Ameriprise Financial Services, Inc., a registered investment adviser. Ameriprise Financial Services, Inc. Member FINRA and SIPC. © 2017 Ameriprise Financial, Inc. All rights reserved. |
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