How Retirement Plan Help Small Business Owners?
                     How Retirement Plan Help Small Business Owners?
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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.
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.
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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 0402895593 or email 
us on [email protected].
www.sfadvisory.com.au +61 3 9034 4883
Contact Us
Address: 13/11 Narelle Drive, Aspendale Gardens VIC 
3195 Australia. 
PO BOX: 323
PH: +61 3 9034 4883
Email: [email protected]
Web: www.sfadvisory.com.au
www.sfadvisory.com.au +61 3 9034 4883