Hello, this is Matt Porter with Cornerstone Advisory Group. Today I wanted to talk for just a quick minute about business owners and how they can translate the value of their business into retirement income.
For most small business owners, their business is by far their largest asset, and selling it or turning it into income is one of the biggest decisions that you can make. And so you've got to make sure that you get it right. And there's a lot of factors that go into selling a business. And selling the business is just one facet of turning it into retirement income.
So when you look at selling your business, you have to think of things such as taxes, the timing of the payments. When are those payments going to be available to you? Are you going to retain equity so that you can have some skin in the game to help continue to build a business? Are you going to exit entirely? There's lots of things that factor into this.
So the selling of a business has to be part of a completely integrated plan to make sure that it matches your needs for your income and any other desires that you have for potentially donating to charities or to gifting, or to whatever it may be.
So as you think about your business, make sure that you're making the sale and the future transition of your equity into something that's sustainable for you to provide retirement income. So if you have questions on this, please let us know. We'd love to visit with you. Just give us a call at Cornerstone Advisory Group. Thanks.