E201 | Is Your Business Your Retirement Plan? And Why That's Not Enough

In this episode of Tycoons of Small Biz, hosts Austin Peterson and Landon Mance explore the common misconception among small business owners that their business alone will fully fund their retirement. They discuss the importance of creating a diversified retirement roadmap and aligning personal wealth-building efforts outside of the business. The hosts emphasize the significance of planning ahead, including the implementation of buy-sell agreements and keyman insurance, and delve into strategies like using SEP IRAs, 401(k)s, and other investment vehicles. They also highlight the difference between exit readiness and retirement readiness, urging business owners to consider both their business's sale value and their personal financial independence. Austin and Landon share real-life examples and stress the need for entrepreneurs to have a strategic  ...