You’ve worked hard to make your business a success, but have you thought about what your life will look like after you retire?
It’s likely your retirement lifestyle will be much different from your business lifestyle, but what does that mean? How would you like your retirement to be different and how much would you like it to remain the same?
We can help you identify what your retirement picture will look like once you’ve stepped down from your business, and how to achieve it.
Before you begin drawing this picture of what your retired life will be like, you need to know where you’re going, and with whom.
Is this you and your spouse? Or you alone? Will you still have children living in the home? Will you live in the same home? Perhaps you’ve always dreamed of selling up, buying a camper and spending the rest of your life on the open road!
You may have a creative passion to pursue; painting, travelling, cooking; something you’re already doing.
The most important thing to remember is that your retirement could be anything. Don’t limit yourself – this is your opportunity to really enjoy the fruits of your hard work.
One of the most practical things you can do to achieve your retirement dreams is ensure your business is an attractive prospect to buyers, and is structured to function without your involvement. Taking steps to ensure these two outcomes will give you financial freedom to explore your retirement options.
A good place to start is to develop a business exit strategy – the earlier the better. Even if you are some way off from retirement, it’s never too early to plan how you will exit. Developing this strategy will guide your thinking and help you formulate an actionable plan to work with.
Whatever your intentions, it’s worth working with a financial planner; to objectively help you find the best way to work towards retirement. Depending on the size of your business it could be a long process, so be sure you give yourself plenty of time to make things right, particularly if your business will continue to run after you have stepped down.
For more practical ways to plan your exit, read our recent blog, ‘How to Achieve Financial Freedom‘.
After everything has been set in its proper place and you are ready for your retirement adventure, the only thing left to do is enjoy it. Life is short and you’ve worked hard all your life.
Putting a plan in place today will ensure that a happy, comfortable and worry-free retirement lifestyle is within your grasp.