Guiding business owners to fulfilling retirements

When selling your business, it can quickly become overwhelming to deal with all the different entities: private equity firms, accountants, attorneys, and even family members and friends.

We want to help clients understand the dynamics of what their business is worth, and how to turn it into a sustainable income stream. A first step would be to work with attorneys and CPAs to develop a tax plan that minimizes the tax burden of selling. From there, the net after-tax dollars are essential for creating a lifetime of tax-efficient income. Next, clients should create an estate plan, which includes making bequests and transferring them to the next generation(s) in the most tax-efficient manner.

__Money made simple__

With more than 20 years of working with retirees, we have found most clients have three main objectives to accomplish pertaining to their “nest egg.” First, they don’t want to lose their money; Second, they want a fair rate of return; Third, they want to save money on taxes.

And if clients are reasonable with their investment objectives and live within their means, a stress-free retirement is more than possible. However, developing and maintaining a strategy that accomplishes these objectives can be complex, which is why clients need partners to guide them.

Financial planners will explore what it will cost to replace work with meaningful activities. They’ll first ask clients, “What does it cost to maintain your desired lifestyle?” and go from there, modifying the plan as needed.

__Beyond financial__

One important question for clients to ask themselves is “What are you going to do with your time that provides structure and fulfillment?”

Particularly for business owners, it can be difficult to go from being the driving force in a successful business to having a free, albeit sometimes nebulous, schedule.

We always suggest diving deep into hobbies and interests, and scheduling activities on a regular basis. Give yourself a concrete reason to get up every morning and add purpose to your days. Retirement is the time to explore everything life has to offer. We’re just here to help get you there.

###

Advisory services are offered through Innovative Financial Planners, LLC, an Investment Advisor in the state of Missouri. Insurance products and services are offered through Innovative Insurance Consultants, LLC, an affiliated company.

All written content is for information purposes only. It is not intended to provide any tax or legal advice or provide the basis for any financial decisions.

The information contained herein is not an offer to sell or a solicitation of an offer to buy the securities, products or services mentioned, and no offers or sales will be made in jurisdictions in which the offer or sale of these securities, products or services is not qualified or otherwise exempt from regulation.

The information contained in this article have been derived from sources believed to be reliable, but is not guaranteed as to accuracy and completeness and does not purport to be a complete analysis of the materials discussed.