Business Owners Need Better Retirement Planning Advice
Small business owners routinely have up to 80% of their wealth in their business and real estate. So planning cannot be relevant if it’s only based on 20% of a family’s overall assets.
Wealth management must include the value of the business asset. The business’ worth and the drivers of value must be understood. There must be a clear understanding of how much money will be needed in post-business life. If there is a gap between what is needed and reality, the gap needs to be filled. Often, the most effective means to fill gaps for business owners is to grow the value of the business.
“There is no labour from which most people shrink as they do from that of sustained and consecutive thought. It is the hardest work in the world.”