ENABLING YOU TO LEAVE ON THE RIGHT TERMS

Business owners are unlikely to be able to just pick a retirement date and from that date start picking up their pension. The vast majority know this but don't do anything about it early enough.

At the start a lot of serious decisions will have been made, in many cases after long consideration and before proceeding with their idea, their dream. The Small Business Research Trust showed recently that only 7% of business owners had taken steps to plan their ultimate exit whilst at the same time it pointed out that 45% wanted to retire before they reached 50.

Before we can begin considering a 'plan', business owners must first consider what it is they wish to achieve.

• At which point do you wish to stop working?
• What will you do next?
• From where will your income in retirement come?
• Should the exit be staggered?
• How much income will be needed?
• Is there pension planning in place?
• Are proceeds from a business sale being relied upon to supplement this?
• Are there other shareholders or partners to consider?
• Are you likely to survive in good health until retirement age is reached?

Despite this yearning to retire early, the facts prove that owners of small businesses tend to work longer and this is not necessarily because financial pressures force it upon them, they may actually derive tremendous personal satisfaction from what they do.

The business owner/shareholder is the only person though who can answer these questions and allow the planning process to proceed.