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Family Businesses: The Essentials by Peter Leach

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9Building financial security and relinquishing control

Financial security is important for the family business owner’s retirement (a word that should be construed throughout this chapter in the positive sense proposed in the Preface). This may be stating the obvious, but many owners neglect their personal finances. Even basic personal financial planning involves an array of increasingly sophisticated products and strategies. For business owners the choices are especially complex, and few are willing or able to devote enough time to planning their financial future properly. Also, people who own successful enterprises often believe that the business itself represents their personal nest egg – that it will, in some unspecified way, guarantee them ...

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