There are many ways for business owners to leverage their businesses and fund their retirements. Whatever your particular strategy — to sustain the business, sell, transfer or close your business — it is critical that you start planning for it well before you are ready to retire. If you choose to wait until you are ready to retire to come up with a plan, your options — and the value of your business asset — may be limited.
If you start early, there are many things you can do to significantly increase the value of your business and the amount you can shelter and save. Consider the following five strategies to fund your retirement from your business assets:
1 Arrange a meeting with your SunTrust banker to discuss your retirement plans. Your banker has access to expert resources and tools to help you put a plan of action in place today, including succession plans, investment plans and retirement plans, as well as estate planning.
About SunTrust Business Owner Research: SunTrust surveys small business owners and advisors as part of its ongoing business seminars and symposiums. The small business owners attending these events include both SunTrust client and non-client business owners and are representative of the broad spectrum of businesses located in the SunTrust markets. The research cited in this report is extracted from these 5,425 small business owner surveys collected between 2007 and 2011.
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