Client Story
Challenge: Calgary business owners, a couple in their late 50s, were considering exiting their business in 5 years. The challenge they faced was determining what value they needed from the sale of their business to reach their retirement goals.
Solution: Through detailed retirement planning projections, which considered other assets and income streams, Three60 Wealth was able to determine the amount the family needed from the business sale to achieve their retirement objectives.
Outcome: Within 3 years of engaging with Three60 Wealth, the clients were successful in selling their business for the target value, allowing them to retire ahead of schedule.
Retirement Planning
Retirement has a different meaning for everyone. For some, retirement means spending time with their grandchildren, travelling or lowering their golf handicap. Others may prefer to keep working or perhaps start a new business venture they’ve always dreamed of.
Business owners tend to work longer than those who are employees, perhaps because the business is their baby and they don’t want – or know how – to let go. Succession Planning, transition of the business management, or the outright sale of the business, are all elements that may need to be considered for the retirement of a business owner. As the business owner starts to consider options with respect to retirement from their business, it may also be prudent to understand what they need financially from the business to reach their retirement goals. For those who are interested in securing their retirement independent of their business, other plans may need to be considered.
For many business owners, there are also concerns about how to recreate their income stream after they are no longer working in their business. It can be confusing trying to navigate the various options that exist to withdraw money from various registered savings accounts (RRSPs, RRIFs, LIRAs, TFSAs, etc.), non-registered accounts (personal and corporate), and government pensions. When presented with these options and decisions, it can seem as though saving money is easier than spending it!
Whatever your goals and aspirations are for retirement, we can help you get there. Our team approach has proven to provide our clients with peace of mind over their retirement planning needs.