Small business owners urged to seek help for estate planning

Small business owners of the ’baby boomer’ generation should make careful preparations for their retirement, according to a finance author.

Investor and business consultant Eric R Voth - who is the author of How To Sell your Privately Owned Company: A Basic Guide for Independent Business Owners, Baby Boomer’s Edition - said that there are a number of steps business owners can take to get their retirement plans rolling, starting with seeking a professional to help with their estate planning.

He advised baby boomers looking to retire to prepare their business assets in the same way that they would get a vehicle or property ready for sale - and to approach the financial element in the same way they take care of their annual taxes.

Mr Voth said: ’If you wouldn’t file your company’s taxes without using a tax professional, then why would you want to risk a serious undertaking like selling your company without using professional services for that, as well?’

According to figures compiled by the Office for National Statistics last year, the average age for men to retire is currently 64.6 years, while for women the figure stands at 61.9.
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