Retirement planning for business owners
We specialise in helping people get set up for retirement - but did you know a lot of our clients are also business owners? We’ve got extensive experience in ensuring a smooth transition into retirement for those of you who own a business and might not be sure where to start.
Many business owners come through our doors who work really hard, have built a great business for themselves but aren’t set up to optimise their transition to retirement. We love working with clients like this to make sure they’re on the right track as early as possible.
One of the first things we do with these clients is take them through our process to make sure wealth is being built both inside and outside the business.
There are multiple parts to this, but let’s simplify it to three key steps to help demonstrate how we might be able to help in your retirement planning journey:
1. Understand your numbers, strategy and budget
If the business has been running a little while, this might be something you’re already well across, but it’s important to review. What are your costs, what were last year’s numbers, how much profit are you forecasting for next year, what have you budgeted for? All of this information will help provide a starting point for us to help you implement some retirement planning.
2. Build a buffer
Before you start spending and allocating all the profits you’ve made - it’s important to secure a buffer. I always recommend people have a buffer in their personal wealth, and it’s no different for businesses. We’re living in crazy times and we never know what next month might look like, so we’ll take you through a few steps to define how much buffer you need, what it’s for and how to set it up.
3. Automate investments
Finally, it’s time to generate some passive income through investments! Once we’ve been through the rest of the process and our tax, buffer and budget are sorted - we’re able to invest any surplus profits.This final step in our process is where we help set your investments up to build some wealth and ensure it’s automated so you don’t need to worry about it day to day.