For many small business owners who’ve spent their entire lives building their businesses, retirement may just be the light at the end of the tunnel. No more long hours, client complaints, meticulous inventories, and employee issues. However, while many look forward to turning their backs on personally running their businesses, many will also soon find out that it isn’t even an option anytime soon.
Particularly in Canada, it’s been discovered more than half of small business owners don’t have a retirement plan. To make matters more alarming, most of them are over the age of 40 and are nearing the age of retirement.
If you are one of those entrepreneurs who don’t have a clear strategy yet, here are some important steps you must take now:
- Recruit a team of financial and legal experts.
- Know you pre- and post- retirement budget.
- Devise a succession plan.
- Explore all investment possibilities.
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