My Plan Financial

04/09/2023

A MESSAGE FROM THE MANAGING DIRECTOR

Welcome to our July 2023 newsletter.

I have recently been approached by a client nearing his retirement age but was not quite ready to actually retire.

He discussed options of purchasing an existing business as an option to retiring from his currently employment.

This article addresses a number of important considerations when contemplating purchasing an existing business in your
50’s or 60’s.

I do hope that this article is of value to our customers.

Best regards,

Peter Walsh
Managing Director

NOT READY TO RETIRE? THIS MIGHT BE ANOTHER OPTION
The word “retirement” conjures up many images.
While most baby boomers might be dreaming of more time on the golf course or booking a cruise, you might be
thinking about buying a business.
Crazy? Maybe not.
If you’re close to reaching your preservation age you will soon have access to your superannuation.

An increasing number of people at this stage are taking control of their finances and buying themselves a new later-
life career in the form of an established business.

Perhaps you’ve been retrenched and finding it difficult to land a new job. Or maybe, after a short period of
retirement, you’re re-invigorated and ready to start afresh.
Seniors bring life experience and skills as well as a wide network of contacts to a commercial venture. But running a business doesn’t always go to plan. Small businesses are risky by nature, often have voracious appetites for capital and are usually vulnerable to irregular cash-flow.
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