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As a former small business owner, now a financial planner, I am uniquely qualified to advise business owners and to help them develop financial plans that best reflect their personal long-term goal. Creating and implementing a long-term personal financial plan will help in shaping business plans and efficiencies aimed at the same long-term goal.

Professionals and small business owners spend a great deal of their time and energy developing their businesses. When they begin thinking about retirement and trying to plan for it, they may be a little unsure of how to go about transforming years of hard-earned assets into a secure retirement pension. For some to plan for this eventuality is a daunting task and a lingering source of anxiety in their lives. Their financial, business and personal lives are so closely intertwined, it’s often the retirement goals of the owner and his family that get put off, neglected and unplanned.

Personal financial planning for business owners should not be an option but a priority. If the sale of your business or practice is your retirement strategy, it's important that a plan is in place as soon as possible. Time can only help when it comes to planning. A plan with enough time and the right strategies that focus your decisions and actions has a much greater chance of success. Financial planning can be very helpful at any stage.

Even if you have sold your business and are looking for a way to turn the sale proceeds into a dependable pension that will last the rest of your life, financial planning forces the critical thinking necessary to confirm the likely future success of a strategy or indicate a more secure, confident way forward. You could have a very successful business, but without a strategy, failure at this stage could mean going back to work.