In Arizona, September does not feel like fall but it is still a good time to take a look at your business. I am focusing this month on record keeping; knowing what you have and where it is.
The first two days we talked about Assets and Liabilities; today we are going to cover the subject of Retirement Goals.
A small business is the mirror image of the owner and knowing where you want to end up is important in your planning process. Retirement has several definition and the one I like best is the same as the definition of Financial Independence: ” the ability to stop working if one so desires, because you have accumulated enough wealth to maintain a desired lifestyle”
Most successful small business owners never really retire, they usually continue with their business or seek new frontiers by starting another business or volunteer in their church or community.
Striving for Financial Independence requires a lot of planning. There are many issue that have to looked at, among them are:
- Medical Coverage
- Long Term Care
- Political Climate
Planning for retirement is a family affair and should be done with the help of a Certified Financial Planner, not to look at investments at this point, but to have a guide in determining what the future may look like at your retirement.
When this process is complete, it will become part of your small business planning process. In my experience less then 5% of small business owners have a written retirement goal that is integrated into their business planning process.
Success in business is a choice, make the right one.
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When you’re up to your ass in alligators, it’s hard to remember that your purpose is draining the swamp.