Business owners and entrepreneurs spend endless hours managing their company’s day-to-day operations to optimize efficiency, only to ignore and put little thought into their own financial and wealth planning. Inadequate personal wealth planning can have a negative impact on an entrepreneur’s retirement and estate plans.
Every entrepreneur who started and built a successful business struggles with the question of how best to transition the future of their company and monetize their success and hard work.
Financial planning for entrepreneurs/business owners tends to be quite complex, involving such factors as multifaceted estate issues, tax considerations, and succession planning. Due care in determining a personal financial strategy involves understanding the business as it is now and as it is forecast to be at retirement.