Your business has moved out of the startup phase, it’s no longer as highly leveraged, and the challenges of tight cash flows and limited working capital are behind you. Now that you’re generating profits, you need to decide how to use them.
“Even if you’re young and just starting your career, you should be actively planning for and investing in your retirement,” advises Chartered Accountant Stephen Shaw, Senior Vice-President and Director of MNP Corporate Finance Inc. in Toronto. “Many business owners assume that the proceeds from the eventual sale of their businesses will be sufficient to meet their retirement needs. Often, however, it isn’t enough.”
