An article from tee sponsor RSM in Gosford.
In the hustle and bustle of being a small business owner, it may seem the only time you’ll have to play the amount of golf you want to will be in your retirement. And if that sounds too far away, this is why having a business succession plan could help you get a few more rounds in without waiting for the years to tick over.
The value of your business can form a large part of your retirement nest egg, so thinking about your succession plan early is vital to maximising your lifestyle in retirement.
Some of the key questions to think about are:
There are a few other things to take into consideration, but focusing on these questions will allow you to set up the right approach shot for your business succession years, well ahead of when you need it. And with your business then at its best when it comes time to sell, the green will seem all the closer.
As you get closer to the business sale, things like capital gains tax concessions, GST and superannuation contributions become key considerations – after all, it’s only the amount after tax that will be available for your retirement.
A combination of strategies is required to make the most of business for your retirement years. The team at RSM in Gosford have the insight and experience to guide you through your business succession plan to make the most of your circumstances.
Get in touch with the team today and we’ll help you get those golf clubs in hand in no time.
The post Teeing up your future: Early succession planning for small business owners appeared first on Gosford Golf Club.
