January Newsletter

Happy New Year!

Business owners mention retirement from time to time. When I ask these folks what they’re doing to make sure it happens, I usually get some variation of the deer-in-headlights gaze or I hear “I’ll work on that in 3 to 5 years,” or “That’s a long way off!”

The truth is, if you don’t take steps to make retirement happen, your “Someday” simply won’t come. Or, when you get there, it won’t be what you wanted, at all. Crazy enough, your dream will not happen magically!

It’s much, much easier to avoid thinking about it – and to continue wearing too many hats at the office while focusing only on what’s coming down the pike TODAY. Because there’s already so much to do. Where do you even begin?

It’s a conversation you likely can’t afford to put off any longer, no matter where you are in the work-life cycle. So, I’ll start that conversation here, with hopes that it helps you, your family, and your team.

All the best,

Goals, Performance, Success
GPS: Fundamentals: Planning for Retirement
Start Your Someday Engine

If you’re over 25, it’s time to begin retirement planning! Without a plan in place, your family, your partner, your team, your company –your LEGACY– can all needlessly suffer. If those aren’t worth an investment of your resources, I ask, “What is?”

Great things begin with a conversation. When you talk with an experienced professional who truly cares about your outcomes, one of the major benefits is added peace of mind. Knowing that you aren’t neglecting your ultimate responsibility allows you to sleep better at night. Seeking advisors who are well-versed not only in the financial side of business but also in business exit strategy is wise. Exit strategy is serious business and the nuts and bolts of it are complicated. Let’s get started and gain control of your destination.

Commonly Asked Exit Strategy Questions

  • How can I receive ongoing revenue to fund my retirement?
  • What needs to be done now to create possibilities for later?
  • Do I exit the company entirely or do I stay on to consult for a period of time?
  • If one of my relatives or employees buys my share of the company, how does that affect my exit strategy?
  • At what point in my transition do I bring in someone else, and what are the possible roles of that person?
  • What are my options for retaining a financial interest in my company?

The Financial Side of Someday
Start as early as possible on saving and investing for your retirement. Today is not too late. It’s important to set money aside for your future, even during challenging times– and even if there’s not very much to set aside. The time-tested adage “pay yourself first” is still around for good reason!

If you haven’t set up a 401K for your employees, know that doing so can benefit you and your family in addition to being a great benefit for your staff. As the employer, you control whether you offer matching, and if you do, you set the max amount matched.

Many financial instruments are available to you in addition to 401Ks, but you’ll want to talk with a specialist to ensure you understand the depth and breadth of your current options. A trusted specialist will also ensure that your investment strategy is responsive not only to the market but also to changes in your life, and most do not require payment upfront. Eagle Corporate Advisors helps our clients through introductions to highly experienced, trusted professionals who perform consistently.

Retirement ahead

Partners in Someday
When you have a business partner, the nuts and bolts of retirement planning increase in both number and in complexity. It’s imperative that your retirement exit strategy protects not only the company but also your partner. How do you initiate a discussion with your partner about your retirement? An experienced and understanding advisor can broach the topic, asking the right questions to get you the answers you need for strategic planning.

Exit to Someday
The planned exit of a business owner can be executed in many different ways, and the sooner you start the conversation the more options you may have. Plant the seeds of the best solution for you and your company by making informed decisions that factor in both future possibilities and future variables.

Some owners fear that a retirement exit means “bailing” on their company and their people, which would be followed by the company’s inevitable demise. Sure, it could happen that way, but not if you plan otherwise. You have many skills that will need to be replaced for your company to continue and to thrive without you– and for the company to continue to grow in value, which also happens to contribute to your retirement. A large part of your plan is your gradual shift from wearing too many hats to doing only the work of an owner.

A time comes when even the most entrepreneurial of business owners begin to butt up against their own limits, whether those limits are time, knowledge, or both.

It’s for these business owners — those who admit that they can’t do it all and seek a qualified, trusted advisor, coach, and mentor — that Chuck Mohler established Eagle Corporate Advisors. Chuck and his team provide just the right kind of custom support for any issue, milestone or decision, helping you and your business perform at a higher level — with the best information at your fingertips.

Our individualized approach helps our clients make big changes and sound business decisions. Our processes are customized, methodical and incremental, keeping your long-term goals in mind at all times.

Seek expertise. Reap long term benefits.