Business owners

Retirement

“… one of the reasons we enjoy you so much – it is a serious business but you don’t make it ‘heavy.”

Sandra Blake

One of the biggest mistakes a business owner can make

A business owner had worked closely with his accountant and business adviser for many years and intended to sell his business for more than $2,500,000.

This was always a realistic plan but when it was time for him to sell there were no buyers.  The business was almost given away for $1,500,000.

It is normal for business owners to overvalue their businesses.  Formulas and assumptions vary and ultimately a business is only worth what a buyer is prepared to pay for it.

Business owners need to diversify and save for their retirement in other areas outside their business. The investments need to be flexible but should only be dipped into as a last resort.

You probably do a business plan every couple of years, but take time out and do a personal retirement plan as well.

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