Ep #24 Common Financial Readiness Issues When Considering an Exit
Do you know how much money you need from the sale of your business to fund your lifestyle comfortably in retirement? How much is your business worth? Do you have to increase its value to help fund your next chapter?
Retirement planning for the entrepreneur is very different compared to the individual working a 9-5 as a W-2 employee. By setting up a plan, you can understand how much your business is worth compared to how much you have saved and invested outside the business, and figure out if you are on track to meet your needs and goals.
So, in this episode, Tom will be sharing how to calculate if you are on track for retirement as a business owner and the importance of not 100% depending on the sale of your business to be your one-way ticket to retirement.
LISTEN TO THE FULL EPISODE:
WHAT YOU’LL LEARN:
- The biggest risk owners take when planning for retirement.
- How to calculate if you are on track for retirement as a business owner.
- What mistakes should owners watch out for in planning their retirement.
- The benefits of knowing the cost of your current lifestyle.
- How to plan your exit strategy around your financial needs and why it's so important
IDEAS WORTH SHARING:
- “Exit Strategy is simply retirement planning for the entrepreneur.” - Tom Poltersdorf
- “How much money do you need from your business to sustain your lifestyle in retirement?” - Tom Poltersdorf
- “If you were to step away from your business, how much money do you need in a bank account to live comfortably?” - Tom Poltersdorf
- "Don't depend on your business to be your one-way ticket to retirement." - Tom Poltersdorf
- Online Financial Calculator
- Tom Poltersdorf: LinkedIn
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