E201 | Is Your Business Your Retirement Plan? And Why That's Not Enough
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E201 | Is Your Business Your Retirement Plan? And Why That's Not Enough
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In this episode of Tycoons of Small Biz, hosts Austin Peterson and Landon Mance explore the common misconception among small business owners that their business alone will fully fund their retirement. They discuss the importance of creating a diversified retirement roadmap and aligning personal wealth-building efforts outside of the business. The hosts emphasize the significance of planning ahead, including the implementation of buy-sell agreements and keyman insurance, and delve into strategies like using SEP IRAs, 401(k)s, and other investment vehicles. They also highlight the difference between exit readiness and retirement readiness, urging business owners to consider both their business's sale value and their personal financial independence. Austin and Landon share real-life examples and stress the need for entrepreneurs to have a strategic plan to ensure a comfortable and secure retirement.
03:32 Main Topic Introduction: Is Your Business Your Retirement Plan?
04:37 Challenges of Relying Solely on Your Business for Retirement
05:51 Importance of Early Planning and Diversification
15:55 Building a Retirement Plan Outside Your Business
23:18 Aligning Personal and Business Goals