Retirement planning is really all about you, the owner. Advance planning helps you find answers to important questions such as:
- How much income would I need to retire or do something else with my time?
- Do I have a realistic exit strategy from the business?
- Would I need to sell the business? How do I find out how much it is worth?
- Do I want an all-cash deal? Would I be willing to finance part of the sale?
- Will I want to be involved in the business, but not day-to-day management?
- Are family members, employees or others interested, or prepared to play a greater role in the business? Will they need my help?
In many respects, a retirement plan is your life strategy. In fact, retirement advisors, such as those offered under the RBC Financial GroupTM brand, are sometimes called "life coaches".