Entrepreneurs Worried about Retirement and Cash FlowBy Andrew Rickard | October 27 2014 08:06AM
A recent report from the BMO Wealth Institute reveals that 60% of Canadian business owners are concerned with being able to retire from their businesses, as well as managing their cash flow.
As for what else keeps entrepreneurs up at night, 56% said they worry about identifying income options from business, 51% expressed concern about paying too much in taxes, 47% were concerned about how they would manage if a key employee were to leave, 44% admitted they apprehensive about how they'll care for family members should they become incapacitated, and 39% said they aren't sure how they will manage their business succession planning.
“Most entrepreneurs are so focused on the day-to-day management of their businesses that they often overlook the importance of effectively managing hard-earned profits and taking into consideration critical medium- and long-term priorities such as retirement and succession planning,” comments Chris Buttigieg, senior manager, wealth planning strategy, at BMO Financial. “A comprehensive and personalized wealth plan, which includes a business succession planning component, is an important key for any business owner.”