As a business owner, are you planning effectively?
- Ensure you have the best structures to optimise your tax position.
- Invest some of your profits outside your business into other sectors for your own personal planning.
- Ensure you have accounted for possible scenarios if something should go wrong.
- Determine how a family trust might work for you.
- Find out how much you will need for the retirement lifestyle you want
- Then work out how you can achieve it.
- Set a balance between lifestyle today and when you stop work.
- If you will eventually sell your business, plan to maximise its value; identify potential purchasers.
- Think about where to invest the proceeds and how you will spend your time.