Small-business owners must protect their futures
Mon, 2016-07-04 07:43 News Staff
If you’re a small-business owner, you think a lot about today. Is your cash flow sufficient … today? Are your products and services competitive … today? Are you confident in your marketing and advertising efforts … today? And because you are so focused on today, you may be neglecting a key aspect of tomorrow – your retirement. Specifically, do you have a good retirement plan for yourself?
Given that your personal finances are so tied up with your business, your plans for the business will obviously greatly affect your financial situation when you retire. Whether you want to transfer the business to another family member, sell it outright to someone else, or possibly just wind it down, you’ll need to plan ahead and consult with your legal and tax advisors.