Join Brian and Deanne as they discuss how your small business fits into your retirement plan. Discover whether your business is a paycheck, an investment, or both, and learn how to balance short-term income needs with long-term growth goals.

Hey, Everybody. This is Brian with Elevate Wealth, and I'm excited to be joined here today with our President and CEO, Deanne Rosso. Hey, Brian, I'm glad to be here. Hey. So, today we're going to be discussing about retirement planning, specifically for business owners. And, Deanne since you're both a business owner and a retirement planner, how do you plan for this? That's a really great question, Brian. You know at Elevate, we work with a number of business owner clients, and a question that I like to pose to them is: Is your business a paycheck, or is it an investment, or both? And I often get funny looks when I ask this question, kind of like you're giving me right now, um, but you know, many business owners haven't thought about this very much. They haven't thought about how they might manage the business differently based on the answer to that question. So what do you mean by that? Well, if you're thinking of the business as a paycheck, you're thinking about how much income it's providing to you now, or in the short run, like you know in 3 to 5 years, and all of the decisions that you're making are based on short term. What's, you know, this business providing to my family? What am I looking at in the next 2, 3, 5 years. And that's how you're kind of basing your decisions as a business owner. You're focused more on having a higher paycheck now, and that's the priority. But, on the other hand, when you're focused on an investment, you have the expectation for that rate of return over a longer period of time. It's generally like a 10- or 15-year time frame. So you might be focused on your paycheck now, but you're also focused on building value in that business for the long run, so that you get a bigger rate of return, if you will, for that business later than necessarily today. So which one do you choose? Well, you can choose either, or you can choose both. I think that some of the most successful business owners that I work with try to balance the two. What will help me grow the value of the business longterm while also helping me keep up with pay increases along the way. So as a business owner how do you balance that? Oh that's a great question. I think the answer answer to that is strategic business planning. I think it's taking the time to work through what you want for the business in the long run and having short, intermediate, and long-term goals that you're working on hitting along the way. You know, as financial planners, we're often thought of as people who are focusing on stocks and bonds and retirement plans for that retirement income, but with business owners, their business is just as much an important investment as their retirement account, and their stocks and the bonds. So some of our business owner clients, they want to run their business until their retirement and then close the doors. Some of them want to leave this business as a legacy for their family. Some of them want to sell it for value that then contributes to their retirement income. So whatever the goal is. There's no right or wrong about this, and there's just discovering what it is that you envision as the business owner, and then making sure that you're on track to be there, otherwise the business is going to drift to a place where maybe you didn't intend for it to be. That's a really good point, and I think people don't realize as advisers we ask those questions, and direct business owners for strategic planning. Correct. Yep yep. So if you're watching, listening, or just curious how we can help business owners, go to elevate-wealth.com and click "Let's Talk." Thanks for tuning in, and we'll see you next time.

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