You and your family (partner, spouse) work hard to accumulate assets over a lifetime. The hope is that, when the time comes for you to leverage those assets, they’ll be there for you to benefit from.
When entrepreneurs start a business, the last thing on their minds is succession planning. Most business owners spend a lot of time – as they should – on Operations Plans, Marketing Plans, Capital-spending Plans, Maintenance Planning, Staffing Plans…and more. But what about Succession Planning?
While many of us don’t realize it, we are constantly engaged in subconscious acts of investment planning. We plan how we can best invest the limited time we have at our disposal.
Long before retirement even hits our radars, we’re planning what type of education, skills training and professional designations we’ll acquire. We also spend a lot of time planning which industries are the best place to work in, and which employers to work for.
Many individuals confuse financial planning with general savings and investing advice. While how to save (and how much!), and where and when to invest those savings, is every bit important, prudent Financial Planning goes much beyond the realm of just saving and investing.
For some people, financial planning is mainly concerned with how best to go about building a nest egg, and how to make it last through retirement.