Do you want to work forever? Most of us don’t.
We want time in retirement for travel or spending time with friends and family. I hear a lot of people talk about passion projects like writing a book or traveling to Major League Baseball stadiums when they have time. You won’t have time if you don’t have a plan to retire from your business.
Protect your business and your family when you have a succession and financial plan for retirement.
Here are five things you can do today to help you retire from your business:
- Review Business and Personal Financial Statements. Talking about money is emotional but you can’t avoid it. In order to develop a financial plan, you have to understand your current assets and liabilities. Whether you’re using a bookkeeper or QuickBooks, you must review Profit and Loss and Balance Sheets at least quarterly. If you’re spending more money than you’re making, it’s time to make changes.
- Budget Your Business. Change begins with a monthly budget where you can track business expenses. (It’s also a good idea to track your personal budget.) You will see how much money is coming in and going out and make adjustments that work in your favor. As a business owner, you may also track time spent working and onboarding clients vs. your rates; you might need to increase rates to cover client-related time and travel expenses.
- Stop Paying for Adult Children. Your money can only go so far and paying for adult children who can work and pay their own way is only delaying your own retirement. Setting boundaries doesn’t mean you don’t love your children. It means you value yourself and your financial future.
- Succession Planning. What happens to your business when you retire? Many of the Gilbert business owners I meet don’t have a succession plan for their business and they should. Think about the time, money, and resources being put into a living, breathing business that can continue after you retire. You have to begin planning today. Working with a financial professional, create a succession plan to meet your retirement goals and give you confidence that the work you've already done will continue on.
- Schedule a Meeting with Heritage Financial Strategies! If you’re not sure where to begin when it comes to retiring from your business, it’s time to talk to a financial professional who can guide you to creating and executing a financial plan that meets your goals.
I’d love to meet you and talk about your current financial situation and how I can help you retire from your business. Call 480-397-1184 today!