When you are working for a company you have a lot of planning to do if you want to be ready to address all the eventualities of aging and ultimately leave behind a significant inheritance to your family members.
However, your objectives with regard to your career path are generally going to be rather cut and dried. You do the best you can to reach your full potential, and when it is time to step away you can generally do so quite easily. It is up to the company to decide how to proceed after you retire.
On the other hand, if you own your own business you’re dealing with an entirely different set of circumstances. Therefore, it may be a good idea to sit down and discuss your vision for the future with regard to your business with a retirement and estate planning attorney who has a background assisting small business owners.
What you want to do with the business in the future will impact your actions in the present, and this is why it is wise to work within a logically constructed plan along the way.
Many people would like to keep the business in the family, and then again there are others who intend to sell the business to finance their retirement years.
You would do well to discuss all the details with a licensed financial planning professional so that you are getting the most out of your business and working each day toward the fruition of your long-term financial goals, whatever they may be.