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Small Business Is Great … but Can You Ever Retire?

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

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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?

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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

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Moving Up — Not Out — with Wilkerson

Trish Parks has always wanted to be in the jewelry business and that passion has fueled her success. The original Corinth Jewelers opened in the Mississippi town of the same name in 2007. This year, Parks moved her business from its original strip mall location to a 10,000-square foot standalone store. To make room for fresh, new merchandise, she asked Wilkerson to organize a moving sale. “What I remember most about the sale is the outpouring excitement and appreciation from our customers,” says Parks. Would she recommend Wilkerson to other jewelers? “I would recommend Wilkerson because they came in, did what they were supposed to and made us all comfortable. And we met our goals.”

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