How Retirement Plan Help Small Business Owners?
                     How Retirement Plan Help Small Business Owners?
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 Take a Realistic Approach
 Plan the Succession in Advance
 Create Savings For Post-Retirement Life
 Takeaway
Manage a small business isn’t a cakewalk. There are a lot to look after, organize and 
manage. This eventually will leave you with little or even no time to think about the future. 
Future planning takes a back-seat and you might end with a meagre source of income once 
you retire. No matter if you just own a start-up or have been running a small-scale business 
for years, it’s still very important to think about the future and plan ahead to have a stress-
free retirement. A majority of small business owners wrongly presume that they can easily 
live off the revenues they generated over the years. However, for most of them, this option 
hardly works out.
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Lack of a proper retirement plan can severely damage your business and affect your future 
livelihood. Therefore, if you are a small business owner, it’s essential to have a well chalked 
out retirement plan to ensure a complete peace of mind at old age.
It’s never too early to start thinking about retirement plans, and therefore we’ve narrowed 
down some practical options for small business owners, so you could enjoy the perks of 
retired life
Take a Realistic Approach
We have come across a lot of business owners planning to sell off their business to fund 
their retirement. This may seem like a wonderful option, but it is essential to be pragmatic.  
It isn’t always simple to find a buyer who is ready to pay the amount you expect, especially 
when you sell it off quickly. Additionally, even if you hope to work well beyond retirement 
age, you cannot ignore the unforeseen circumstances like the bad health or volatile market 
conditions. These can put you in a tight spot, thus forcing your hand; so it’s important to 
have a Plan B ready.
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Plan the Succession in Advance
Passing on your business legacy to a family member or an employee may seem as 
easy as a breeze. However, it’s advisable to give succession a lot of consideration 
and plenty of time to work through every process and clarify the details to avoid 
any problems in future.
You need to consider things like whether you want to retain stakes in the business 
or who will own property like the premises. A well thought out succession plan 
covers all these factors to ensure a smooth transition that causes minimum 
disruption and optimum benefits. If you are not sure about preparing a succession 
plan, you can always talk to an expert adviser who can guide you to organize your 
business in such a way that your assets are protected.
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Create Savings For Post-Retirement Life
Personal superannuation isn’t mandatory for small business owners, so many are 
tempted to make investments in the business rather than focus on savings. This 
may seem harmless but it can prove to be risky as there’s no guarantee your 
business can provide sufficient funds that can ensure a comfortable retirement. 
Making simultaneous investments in your business and superannuation is a wise 
move as it helps you mitigate various risk factors.
Numerous businessmen prefer a self-managed superannuation fund as it provides 
impressive benefits like lower tax rate, increased investment flexibility and 
options in case you want to draw an income.
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Takeaway
The key to prepare a successful retirement plan is to focus on long term solutions. 
Your expenditure and your needs will evolve as you grow old, so the plan must be 
adaptable to changes. Once you have set retirement goals, it’s important to start 
working on it, so you can take better control of your finances and enjoy a lifestyle 
you always yearned for.
If you have any queries or want to know more, give us a ring on +61 402 895 
593 / +61 3 9798 6622 or email us on [email protected].
www.sfadvisory.com.au +61 3 9798 6622
Contact Us
Address: Fiveways Business Centre, 7 Keysborough     
Close (First Floor), Keysborough, VIC, 3173 Australia
PH: +61 3 9798 6622
Email: [email protected]
Web: www.sfadvisory.com.au
www.sfadvisory.com.au +61 3 9798 6622