Business owners should plan ahead for life in retirement

I remember my first job. I worked for my father, who was a small business owner. My Dad said to me one day: “Tim, there are 35 million people in this country. 15 million retirees, 8.5 million students, 10.4 million government workers, and 1 million in the armed forces. That leaves 100,000 people to do the work. Oh yeah, then there are 85,000 in the hospital and 14,998 in prison. That leaves two people – you and me. And you’re not pulling your weight. So get working.

so it makes sense to understand its value. You can pay a business valuator to do a thorough, detailed calculation, but a simpler and less costly estimate may be all you need. The sale of all or part of your business could be key to the life you want down the road. And taking steps to maximize theCalculate your cash needs

You’ll want to speak with a tax pro about the options, because the tax implications can be different depending on your approach. Keep in mind, however, that you’ll want to take advantage, if possible, of the lifetime capital gains exemption, or LCGE and the Canadian Entrepreneur’s Incentive, or CEI. This incentive becomes available beginning Jan.

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