Your business ‘pension’ might not be the best retirement plan.

Make sure you get these essentials in place before you bow out.

• Around one third of SME owners in the UK are now over 55, with an estimated 1.3 to 1.5 million businesses owned by people approaching retirement age.
• Research by Prudential found that 27 per cent of UK business owners prioritise investing money into their businesses over saving into pensions, and 19 per cent openly describe their business as their pension fund.
• Many business owners don’t just lack a pension, they also overestimate what their business is worth.
• Now is the time to pressure-test your business. Get a realistic valuation. Understand the gap between what your business is worth today and what you actually need to retire comfortably. Then start closing that gap, whether by building business value, topping up personal pension savings, or ideally both.

>>> read the rest of this Exit Factor article at Small Business UK.