Categorized | Business

Entrepreneur

The High Cost of Inaction

By Tom Irmen

Perhaps because I’m 67 years old, I think more often about those issues confronting other entrepreneurs my age. Whether those issues involve planning for retirement, health, or end-of-life considerations, most small business owners would be best advised not to postpone examining these very important issues for themselves.

The truth is that far too many business owners have failed to put a comprehensive retirement plan into place. Perhaps they’re anticipating that the potential future sale of their business will provide the resources needed for retirement. But relying on the successful sale of your small business in the future to provide for your retirement is not without risks.

Other business owners may be contemplating a continued stream of income during retirement after turning their business over to their children to manage. But if you lack a succession plan, that son-in-law you can’t stand could end up at the helm of that same company you worked a lifetime to build. Also, in the absence of a succession plan, the divorce of one of your children could result in the dissolution of your company, all which could be detrimental in the future to your retirement.

If you believe that life will become simpler as you grow older, think again. Life has many moving parts, and delaying decisions on important issues that can impact your future will only compound the pressure you’re likely to experience later in life when you are forced to act. Also, inaction can create a level of anxiety that most people might prefer to avoid.


So how can you avoid this doom and gloom scenario? Find a trusted financial planner, one who will work closely with your attorney and accountant, who can help you find the answers to both the questions you have, as well as the answers to questions you might not have even considered. Acting today will provide you with a level of confidence and the peace of mind that has likely been evading you, not to mention greatly enhancing your potential for a successfully and prosperous retirement But your key to success rests on your decision to act today – not tomorrow, next week, next month, or next year.

Imagine a future free from financial stress, where your income is assured and your company is continuing to operate efficiently and profitably while being managed by those individuals you’ve personally selected. Consider, too, that your spouse, children, and grandchildren will be provided for as well, because you chose to act and not to entrust your future to a roll of the dice. What are you waiting for?

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