We all are aware of 401(k)’s as a tax-deferred vehicle in saving for retirement. However, often overlooked is the predominant type of plan known as a Profit Sharing Plan. There are various different ways to structure profit sharing plan contributions to meet retirement goals of your business and personal financial plans.
There are two ways of learning: You can be taught how to do something correctly, or you can be shown the consequences of doing it wrong. In the world of investment, it’s a lot cheaper to learn from others’ mistakes.
Just as you would draft a will and other necessary documents to ensure suitable management of your personal estate, you need to create a succession plan to give your company the best chance for success after you exit.
Recent Comments