5 Common Regrets of Retired Business Owners Insights From the Cornerstone Blog
1. Not Spending Enough Time With Family The day-to-day tasks of running your business probably keep you busy, but you don’t want to wait until retirement to invest in the people who are most important to you. Your family is the reason you work so hard, so make sure you figure out a work-life balance before you retire. That way, your relationships are still strong when you reach this milestone. Many business owners see their business as their retirement plan. They invest a significant amount of their personal assets into the company, and when profits roll in, they keep building the business. Even if your business is profitable and you plan to retire off the proceeds when you sell it, you still need to save and plan. Work with a financial professional to create a sound 2. Putting Off Retirement Planning
retirement plan and diversify your net worth so it isn’t all tied up in one place.
that will fulfill you, you can avoid the negative emotions that can come with this life transition. A Bank of Montreal study on retirement planning reveals that retirees who stayed busy and active, pursued independence, and volunteered were most satisfied with their lives. 5. Working Alone It’s no secret that being a business owner complicates life and finances. On top of saving for retirement and taking care of your family, you also have employees and tax considerations to think about. You are in a unique situation and would benefit from working with someone who specializes in serving business owners. For more from the Cornerstone Wealth Management Group blog, visit CornerstoneWealthGroup.com/insights/blog .
3. Failing to Create a Succession Plan or Exit Strategy Whether you want to sell your company or pass it down to family members, think about how and when you want to leave your business. If you choose to sell, see what you can do now to prepare and ensure you receive the highest price possible. Having a strategic transition plan makes your company more appealing to buyers who want assurance that it will continue to thrive without you. 4. Not Planning for Free Time When you go from working full time to not working at all, it can be a shock to your system. Saying goodbye to your business, employees, and routines can cause anxiety and depression. But if you plan ahead to fill your time with activities
Buttery Roasted Chestnuts
2 teaspoons kosher salt, or more to taste Pinch of freshly ground nutmeg
2 pounds fresh chestnuts, unpeeled 2–3 sprigs rosemary 1/2 cup unsalted butter, melted
Freshly ground black pepper, to taste
5. Pat dry and transfer to a medium bowl. Add rosemary, butter, salt, pepper, and nutmeg. Toss to coat and transfer to baking sheet. Arrange in a single layer. Gather the edges of the foil together, leaving an opening at the top. 6. Roast until peels curl up, about 30–45 minutes. 7. Transfer to a platter and serve while hot or warm.
DIRECTIONS 1. Heat oven to 450 F. 2. Place a large sheet of foil on a rimmed baking sheet. 3. On a large, flat workspace, place chestnuts flat side down. Using a sharp knife, carve an X on the rounded side of each chestnut. 4. In a large bowl of hot water, soak chestnuts for 1 minute.
Answer on page 4
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