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Retirement Planning: Insights and Strategies for Business Owners in 2024

Posted on May 13, 2024 By

2024 is on pace to be a record-breaking year for retirement in the U.S. This year, an average of 11,000 Americans per day are expected to celebrate their 65th birthday. Now through 2027, we will see the most significant surge of retirement-age Americans than ever before. Yet, at the same time, data from the Pew Research Center shows that one in five people over the age of 65 are choosing to continue working, and the Bureau of Labor Statistics is projecting that Americans over the age of 65 will continue to rise in labor force participation over the next ten years. This trend is being mirrored around the world. According to the National Bureau of Economic Research, over the past 25 years, labor force participation at older ages has increased significantly.

It is also interesting to see the impacts that the COVID-19 pandemic had on retirement trends. More people are now opting for a nontraditional approach to retirement, with a large percentage reporting that the pandemic made them more intentional about focusing on their passions and dreams in retirement. Millennials are leading this change in philosophy at 73%. For younger generations, remote work options have made them more likely to travel and relocate than older generations, and they are more likely to start a new business when they retire.

So, as a business owner, properly planning for retirement is essential, whatever camp you may be in. It’s never too soon to start planning for the future. Let’s review some essential retirement planning tips to help you embark on a solid retirement, even if it’s many years away.

You know your business. And we know how to sell it. 

Plan for Your Nest Egg

You will need to figure out how much money you need to have socked away to live comfortably once you exit your business. Start by setting a goal and then assessing your current position to figure out how long it will take to meet that goal. You should also consider any additional steps you may need to take to make it happen. Think about how much money you have saved and how much you expect to earn over your remaining working years. It would help to consider how much you plan to contribute to your existing retirement plans, such as IRAs or 401ks. Online, you can find many retirement calculators that factor in your current age, retirement age, annual income and retirement savings, and rate of return before and during retirement.

Get an Accurate Company Valuation

You need to know what your business is worth before selling it. Your company’s cash flow, a market value comparable to other companies, and precedent transactions are all factors in business valuation. Company valuations are necessary for estate and tax planning for owners and their families, mainly because your company typically accounts for most of your net worth. For this reason, determining value is essential to retirement, exit, succession planning, protecting your assets, and transferring wealth to the next generation. If someone is going to buy your business, they are going to want the most accurate picture of what it is worth. But if you are an owner who does not do proper exit planning, you could leave money on the table in a transaction. When executed accurately, your company valuation is a powerful tool in strategic growth planning for both the short and long term. 

Your perfect buyer is out there. Find them today.

Invest as Soon as Possible

You should be investing in your retirement as early on as possible. Whether it’s a pension plan, a 401k, or an IRA, the sooner you invest, the more you earn interest. All of these options allow your money to grow tax-free. It is also good to reassess your existing investment strategies to see if they need to be more aggressive or if there are ways to diversify your investment options to make more money. You can always consult a financial planner to help determine what type of retirement plan is right for your needs.

Invest, but Save Money, Too

Saving and investing are two different things. It is common practice to put money into a savings account that has slow but guaranteed growth while at the same time putting money into an investment account that carries some risk. Diversify your financial portfolio by factoring in goals, risks, and ways to reduce vulnerabilities. The younger you are, the more aggressively you can invest.

Get the Help of an Expert

You have worked hard to build your business and deserve to get the most out of it when it comes time to retire. This is why you should start planning your exit strategy sooner rather than later. Plan how you want the business to transition successfully after moving on. Also, it would help if you considered increasing the value of your business and putting it on the market at the right time. This can be a tricky situation, so the safest way to do it is to partner with a reputable M&A advisor who can help you make your dreams a reality by finding the perfect buyer and getting you every penny you deserve. 

Take the Next Step

When you are ready to embark on your retirement plan and sell your company, contact our experts at Benchmark International to create the most successful company exit strategy possible. Remember, it’s never too soon to start preparing.

Schedule A Call

Americas: Sam Smoot at +1 (813) 898 2350 /

Europe: Michael Lawrie at +44 (0) 161 359 4400 /

Africa: Anthony McCardle at +27 21 300 2055 / 


Benchmark International is a global M&A firm that provides business owners with creative, value-maximizing solutions for growing and exiting their businesses. Benchmark International has handled over $11 billion in transaction value across various industries from offices across the world. With decades of M&A experience, Benchmark International’s transaction teams have assisted business owners with achieving their objectives and ensuring the continued growth of their businesses. The firm has also been named the Investment Banking Firm of the Year by The M&A Advisor and the Global M&A Network as well as the #1 Sell-side Exclusive M&A Advisor in the World by Pitchbook’s Global League Tables.






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