Resources

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Business Planning, Succession Planning Jeff Albin Business Planning, Succession Planning Jeff Albin

Business liquidation options vs. an owner's retirement

If you are a business owner looking to retire, you may face some challenges.

Instead of selling or transferring the enterprise, you may be forced to liquidate your business. Indeed, only 25 percent of new businesses make it to 15 years or more, according to the Bureau of Labor Statistics. And liquidation can often mean getting less than 100 percent of a business’s value. And, since many business owners have a substantial amount of their net worth intertwined with their business, that can have negative implications for their retirement.

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Employee Retention, Retirement Plans, Tax Strategy, Business Planning Jeff Albin Employee Retention, Retirement Plans, Tax Strategy, Business Planning Jeff Albin

SECURE retirements now a reality for businesses

Start spreading the news: millions of small businesses and their workers now have a new opportunity for a more secure retirement.

Congress has made retirement savings history with passage of the Setting Every Community Up for Retirement Enhancement (SECURE) Act as part of the government appropriations bill for fiscal 2020. President Donald Trump signed the bill on Dec. 20, 2019, clearing the way for the most impactful retirement legislation in decades.

Passage of the SECURE Act provides millions of small businesses several advantages:

  • The ability to band together to offer retirement plans (PEP 401k Plans)

  • Increased lifetime income offerings

  • New enrollment and tax changes to boost worker savings

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