Business Retirement Planning Tips

Cubby Bice earned a BA in business management from Eastern Washington University and also holds an MBA in finance from Georgia State University. A member of the Academy of Preferred Financial Advisors, Cubby Bice is studying toward a PhD in finance at Liberty University. He is also the president of Bice Wealth Management in Mooresville, where his responsibilities include investment planning and business retirement planning.

Business succession and retirement planning is a critical component of a company’s human resource strategy. It helps prepare high-potential workers to take up senior roles in your business. Here are three tips for successful business retirement planning:

Integrate succession planning into the hiring strategy.
Identify employees that will take up critical roles in the organization and note any talent gaps they might leave behind when they move on to senior roles. This can guide you in areas that you need to focus on in your future staff recruitment efforts.

Scale up professional development efforts.
An excellent way of preparing employees to gain additional experience and knowledge is through job rotation. It is also a good practice to connect them with mentors, as this can help boost their confidence and soft skills.

Choose a financial planner.
Most businesses would benefit from the expert guidance of a professional financial planner or advisor. When looking for a financial planner, you may want to check with databases such as the National Association of Personal Financial Advisors, Financial Planning Association, or Academy of Preferred Financial Advisors.

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