Strategic Thinking For Business Owners For Successful Retirement

Strategic Thinking For Business Owners For Successful Retirement

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://ezinearticles.com/?Strategic-Actions-For-A-Strategically-Structured-Succession-Planning-For-Company-Leadership