Many business owners hold much of their wealth inside their business. When you
transition out of your business, you will need a plan to invest the proceeds into various vehicles that can provide the kind of annual income you will need to
live the life you desire.
Another aspect you will want to consider is estate planning. Now is a perfect time to
coordinate your wealth planning with your estate plans. There are many avenues
to take on both fronts, and a good advisor will take into account your risk
tolerance, investment portfolio, current investment strategy, and personal goals
It is essential that you work with an advisor to go over your assumptions for the
future. Many business owners think that with the right lump sum, they can handle
all living needs and leave something behind. Too many times, they are wrong.
Having an outside and objective advisor help you form a retirement and estate
plan that takes into account your living needs for the future and the legacy you
want to leave your loved ones should not be undervalued.