Business leaders know how crucial planning is to their company’s success, but they don’t always apply that same level of preparation to their personal finances. Executive search firm Witt/Kieffer reports that 71 percent of CEOs ages 55–59 have no retirement plan. That’s a recipe for disappointment, say a trio of financial-planning experts in the San Francisco Bay Area:
- Haitham “Hutch” Ashoo, CEO of Pillar Wealth Management, says deciding what you want to do in retirement will determine how much money you’ll need. Make adjustments to goals as needed.
- Jim Kohles, chairman of RINA Accountancy Corp., recommends that business owners who intend to sell their company consider setting up an S corporation, which will leave them with some control over operations as they phase themselves out.
- John Hartog, a partner at Hartog & Baer Trust and Estate Law, says you should consider your values, not just taxes, when deciding what to do with your assets and setting up inheritances.