Small business owners know that running a small business requires constant attention. And small business owners, especially entrepreneurs, tend to work “in their business” rather than work “on their business.” And that is one reason why it should be no surprise that too many entrepreneurs and small business owners put their own financial planning squarely at the bottom of their “TO DO” lists. In fact, a survey conducted by Harris Interactive for ShareBuilder indicated that 47% of small business owners are not confident that they are prepared for retirement.
Using a strategic thinking approach to the subject of financial planning and retirement, there is a recognition and confirmation that small business owners and entrepreneurs have tremendous opportunities to remedy the lack of preparation for retirement, which incorporates the role of an exit strategy and succession plan. The small business owner has the opportunity to use strategic thinking in developing a well thought out retirement plan that includes strategies related to a company employee retirement plan; investments beyond re-investing in the business; diversified investments; an exit strategy and a succession plan.
There are far too many business owners that are not considering the future of his or her business. Another fact from the survey by ShareBuilder shows that 60% of the business owners surveyed have NO PLANS to sell their business to help fund their retirement – but for other owners, such a sale can be a crucial part of a successful retirement plan.
Business owners need to develop a strategic plan for their retirement, especially when they make the commitment to count on selling their business to help fund their retirement. This means preparing a well-thought out exit strategy and succession plan. An article entitled, “Strategic Actions For A Strategically Structured Succession Planning For Company Leadership” can be found at
http://www.evancarmichael.com/Business-Coach/223/Strategically-Structured-Succession-Planning-For-Company-Leadership-According-To-Your-Strategic-Thinking-Business-Coach.html
Your Strategic Thinking Business Coach has developed a list of actions to consider when developing your strategic retirement plan as a business owner.
1. Commit to making your retirement planning for you and your business a priority with a specific timeline.
2. Develop and define a clear and focused vision for you and your business in your retirement.
3. Develop a list of retirement goals that fit into your defined retirement vision.
4. Gather the necessary financial information for your business and any existing retirement plan information for your business.
5. Recruit and engage the professional services of a certified, experienced, respected and trusted financial adviser and planner.
6. Seek advice from other key advisers as part of your team for the development of your plan. This would include legal counsel, accounting and business coaching.
7. Develop the specifics of the retirement plan(s) for the company employees and for yourself. Review the draft plans with your team of advisers. Adopt the plans when you are satisfied they will meet your vision and goals and then present the plan(s) as appropriate (excluding the personal and confidential parts for yourself) to the company employees.
8. Implement the plan(s).
9. Monitor the plan(s) and make adjustments as required.
10. Continue working “on your business” and building more value.
Small business owners and entrepreneurs have some extraordinary opportunities to plan their retirement. And I would suggest that those great attributes of creativity, strategic thinking and planning and discipline that helped the owner build their business will help them create a strategic retirement plan that will get them to their vision.
Your Strategic Thinking Business Coach encourages you to fully realize the benefits of business coaching to strategically and effectively grown and mange your business. If you would like to learn more about how a strategic thinking business coach can facilitate and guide you in that endeavor, please contact Glenn Ebersole today through his website at www.businesscoach4u.com or by email at jgecoach@aol.com
Strategic Thinking For Business Owners For Successful Retirement, According To Your Strategic Thinking Business Coach - To learn more about this author, visit Glenn Ebersole's Website.
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