In the bustle of life and family and friends and success, how often do we ask: what are we working for? Sometimes we need to sit down and think about how we’ll maintain financial security for ourselves, and our families, into the future.
A savings account or investment portfolio are positives, but they can go even further with some careful thought, planning and expert guidance.
Three aspects to consider:
SUPERANNUATION
A self-managed superfund (SMSF) is like a custom made superfund ready for you when you’re ready to stop working. They work well because of the tax advantages and asset protection rules. You control your investments, so you can invest in what you know, like and trust.
SELLING YOUR BUSINESS
It’s always hard to know when’s the right time to move on and try something new. Sometimes the feeling springs on us and we wish we’d done more to prepare ourselves. Fortunately, the changes you need to make to get your business ready to sell are helpful to your business right now. A little effort now can pay off big time.
You may want to think about:
- Reducing risk
- Improving maintainable earnings
- Taking advantage of opportunities to improve your business
- Creating demand to drum up competition when it goes on the market
TRANSITIONING YOUR BUSINESS
You might never want to sell your business, but for how long do you want to be as involved as you are now?
Some things to think about:
- Employing a manager so you can be less involved
- Inviting an employee/family member to buy in
- Transitioning the sale over time rather than separating completely