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MINDSET & GOALS
BUSINESS TRANSITION PLANNING
BUSINESS TRANSITION PLANNING
- Define your ideal retirement lifestyle (travel, income needs, timeline)
- Decide when you want to retire (specific year or age)
- Determine how much income you’ll need monthly in retirement
- Estimate how long your retirement might last (age 90+ is a safe bet)
- Consider what role—if any—you want in the business after retirement
BUSINESS TRANSITION PLANNING
BUSINESS TRANSITION PLANNING
BUSINESS TRANSITION PLANNING
- Identify your exit strategy (sell, transfer to family, close, etc.)
- Create or update your succession plan
- Draft or review your buy-sell agreement (if applicable)
- Choose and prepare a successor (training, mentorship, legal docs)
- Get a business valuation to understand its worth
- Make a plan to reduce or eliminate business debt
RETIREMENT SAVINGS & INCOME
BUSINESS TRANSITION PLANNING
PROTECTION & LEGACY PLANNING
- Open and fund a retirement account (Annuities, Solo 401(k), SEP IRA, etc.)
- Maximize retirement contributions each year
- Consider annuities to provide guaranteed lifetime income
- Review Social Security benefits and claiming strategy
- Diversify income sources (investments, rental income, insurance)
PROTECTION & LEGACY PLANNING
PROTECTION & LEGACY PLANNING
PROTECTION & LEGACY PLANNING
- Set up life insurance with living benefits
- Consider long-term care insurance or living benefits riders
- Update or create your estate plan (will, trust, POA)
- Plan how to transfer business assets tax-efficiently
- Ensure beneficiaries are updated on all accounts
ONGOING MAINTENANCE
PROTECTION & LEGACY PLANNING
ONGOING MAINTENANCE
- Review your retirement plan annually
- Meet with your financial Consultant or retirement planner
- Update succession documents with any major business changes
- Review your insurance and protection plans
- Communicate your plan with family and/or business partners