Retirement planning for business owners
It is important to plan for your retirement in a way that will enable you to live comfortably and, depending on your circumstances, either exit your business entirely (whether via a succession arrangement or open market sale) or simply take a back seat in day-to-day operations.
It may be that you need to start thinking about building a portfolio of investments to enable you to have the retirement you hope for. Stepped payments into one or more carefully selected pension plans is recommended, as is structuring your business affairs during your working life in a way that permits money to be extracted and put towards your retirement in a tax efficient way.
You may also have other sources of income that can be used to fund your retirement which need to be factored into your plan.
If the sale of your business forms the backbone of your retirement plan, you need to think about who you are going to sell to, how much you expect to get and when, and what will happen if the deal you envisage does not come to fruition.
If you plan to retain an interest in your business, you need to think about how this will work and the income that you can expect to receive from your continued involvement.
For a confidential consultation
For a confidential discussion about retiring from your business, or to make an appointment, please contact Peter Jarvis at Myers Asset Management in Newcastle-under-Lyme on 01782 557233.
For advice on the protection of your business interests more generally, please contact Dermot Callinan in the corporate law team at Myers & Co Solicitors in Stoke-on-Trent, Staffordshire on 01782 577000.
Myers Asset Management is an appointed representative of PHM Wealth Management Services LLP which is authorised and regulated by the Financial Conduct Authority. PHM Wealth Management Services in entered in the FCA Register under number 579336 which can be found at www.register.fca.org.uk.
PHM Wealth Management and Myers Asset Management are registered in England and Wales. Their respective registration numbers are OC372382 and 04345900. Both have the registered office address of Charlotte House, 536 Etruria Road, Basford, Newcastle-under-Lyme, Staffordshire ST5 0SX.
Please note that the information contained within this site is subject to the UK regulatory regime and is only aimed at clients based in the UK.