What’s a business owner’s retirement plan? It’s often based on the business itself. And to retire smarter, that means you need a sound exit strategy.
Don’t Put Off Your Exit Strategy
An exit strategy is easy to put off. But it’s a crucial component of retirement planning for small business owners and entrepreneurs. Putting it off can create unnecessary risk and uncertainty. In fact, a surprisingly high percentage of business owners do not know the valuation of their business. And that leads to the possibility that you won’t be able to retire on your own terms when you’re ready.
Our guest today is Ashley Micciche, QPFC®, CRPC®, who specializes in qualified retirement plans like 401(k)s, Profit Sharing Plans, and Cash Balance Plans. Ashley shares her wisdom on developing an exit strategy and what she sees with business owners planning for retirement.
We discuss with Ashley:
- How she became involved with exit planning
- What she thinks are the essential components of a good exit strategy
- What gets in the way of having a sound exit strategy in place
- How far in advance of retirement should business owners develop an exit strategy
- The unique things business owners need to think about with retirement planning
- What she hears from business owners these days on planning for retirement
Ashley joins us today from Portland, Oregon.
“What I found was a lot of these business owners I have been working with and was working with at the time; a lot of them were close to retirement. A lot of them had pretty much everything tied up in their business. And when you’re a business owner, the decision to retire is much more complicated because not only do you have to figure out what you’re going to do about when you retire. [There’s ]Social Security and do I have enough to retire? All those things. But then you have this big elephant in the room, which is the business.”
Ashley Micciche specializes in qualified retirement plans like 401(k)s, Profit Sharing Plans, and Cash Balance Plans, and has earned both the Chartered Retirement Planning Counselor® and the Qualified Plan Financial Consultant® designations.
Ashley works with her business owner clients to help build and maintain successful retirement plans that recruit, reward, and retain good employees while controlling costs. Most importantly, her goal is to help maximize the number of employees who retire with adequate savings.
Ashley started her career as a financial advisor in 2007 after graduating magna cum laude with a Bachelor of Science degree in Business Finance from Portland State University.
When Ashley joined David as a financial advisor in 2007, she jumped in with both feet. “My dad threw me to the wolves,” she laughs, explaining that she took on some complex clients right from the start. She noticed that the vast majority of financial planners offered a “something for everyone” service model, but very few specialized in the unique set of needs and challenges that business owners face. So she developed expertise in qualified retirement plans and earned both Chartered Retirement Planning Counselor® and the Qualified Plan Financial Consultant® designations. Ashley continues to guide business owners in developing highly customized, successful retirement plans.
She and her high school sweetheart husband, Troy, are both Oregon natives and live in Happy Valley with their two young children and two stubborn dachshunds. In her free time, she enjoys reading, running, and tries to sneak away to the golf course whenever possible.
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The views and opinions expressed by guests on The Retirement Wisdom Podcast are those of the guests and do not necessarily reflect the policy or position of the host or Retirement Wisdom, LLC. The Retirement Wisdom Podcast covers the non-financial aspects of retirement. From time to time we may invite guests who discuss other aspects of retirement planning, solely for educational purposes. Listeners are advised to consult qualified financial and/or medical professionals on those matters.