Headlines

Small Business Is Great … but Can You Ever Retire?

“Startling” results show that most owners aren’t saving enough.

Published

8 years ago

November 1, 2016

INSTORE Staff

Most small-business owners are not well-prepared for retirement, according to a new report.

About 75 percent have saved less than $100,000 for their post-workforce years, the Washington Post reports, citing findings from BMO Wealth Management.

About 8 percent had saved over $500,000.

According to BMO, the results are “startling,” as those numbers may not be enough to lead to a comfortable retirement.

Jason Miller, who heads up wealth planning for BMO, said that for small-business owners, retirement planning often suffers because they “become very focused on running their business.” He adds that “lots of times that requires any profit made in the business to be re-invested to make it grow.”

Sound familiar?

Miller suggests making a focus of not only building a strong business, but also “accumulating wealth outside of the business.” Succession planning is also key.

Read more at the Washington Post

Ready to Relocate? Wilkerson Makes Your Move Seamless

When Brockhaus Jewelry decided to leave their longtime West Main Street storefront for a standalone building elsewhere in Norman, Oklahoma, owners John Brockhaus and Brad Shipman faced a familiar challenge: how to efficiently reduce inventory before the big move. Their solution? Partnering with liquidation specialists Wilkerson for a second time. "We'd already experienced Wilkerson's professionalism during a previous sale," Shipman recalls. "But their approach to our relocation event truly impressed us. They strategically prioritized our existing pieces while tactfully introducing complementary merchandise as inventory levels decreased." The carefully orchestrated sale didn't just meet targets—it shattered them. Asked if they'd endorse Wilkerson to industry colleagues planning similar transitions—whether relocating, retiring, or refreshing their space—both partners were emphatic in their approval. "The entire process was remarkably straightforward," Shipman notes. "Wilkerson delivered a well-structured program, paired us with a knowledgeable advisor, and managed every detail flawlessly from concept to completion."