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FINANCE What’s your plan for retirement?


By Jillian Thomas (pictured), Managing Director of Chamber patron Future Life Wealth Management, looks at whether business owners need to spend more time looking after their futures.


As financial planners we spend a lot of time advising people about planning for their future. However, we find that most business owners put their employees’ needs before their own and fail to focus on their own retirement. What are you going to live on


when you retire, or are forced to retire through ill health, and how much are you going to need to meet your expenditure? You might say – the business is


my pension. But it is not that simple. You don’t know how your business will fare between now and your planned retirement date and, even if it does thrive, without you the business might not be so attractive to buyers. So, what do you need to do to maximise its value? Well, firstly you need to plan. Just hoping and waiting isn’t


enough. You need to undertake a reverse cashflow forecast; basically, work backwards from what you need in retirement and work out how to get there.


If you are selling internally, is


there someone suitable? Or could it be to more than one person? What about associates you work with? You also need to think about the


tax implications of selling the business. If you have a trading business that you have owned shares in for more than two years then you can look at Entrepreneurs Relief, which means you currently pay just ten per cent tax on qualifying assets rather than being hit with the normal income tax bands. Whatever way you sell your


You need to work out how much


your business will be worth, and to whom. It might be a sale to someone


within the business or it might be an external sale. Whichever way you do it, you


need to start planning some time in advance, some people say as much


as five years before your planned retirement date. To make your business attractive


to an external buyer you need it to be profitable. To help with this you may look at


how much remuneration you take out in the form of income and/or pension contributions.


business you deserve something back for all your hard work. For years you have worked hard and taken risks; now it is your time to reap the rewards. You deserve it.


No individual investment advice is given, nor intended to be given in this article and no liability will be accepted in respect of any action you may take as a result of reading this article. If you are unsure you are urged to take independent investment advice.


90 business network December 2019/January 2020


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