Today we are going to talk about everything retirement plans for hair salon owners.
Because frankly, a retirement plan is one of the first tools you can implement in your hair salon business to help you increase your net worth.
Retirement plans include your basic plans like SEP and Simple IRAs, all the way through full profit-sharing and 401K plans. And I’ll even touch a bit on what a defined benefit plan is and how to structure and implement one correctly. It’s these cash balance plans at the top of the pyramid that can help hair salon owners offset taxes by timing the reduction of cash balance contributions with an event that can cause significant tax liabilities like the sale of your salon.
And be sure to stick around to the end. I’ll talk about some of the biggest mistakes hair salons owners make when they have a retirement plan. In addition, I’ll share ways you can find out how much your retirement plan is really costing you. And whether the service you’re getting is worth that cost. Plus, I’ll explain why you should be shopping your plan regardless of whether you’re currently happy with it.
As a reminder, please don’t forget to subscribe to the Unchained From the Chair Podcast on your favorite podcast platform. That way you’ll always know when the next episode is available. So without further interruption, let’s get into all things retirement plans for hair salon owners.
[02:47] The typical evolution of retirement plans for hair salon owners.
[07:21] The tax benefits of retirement plans.
[09:44] How to know when you’ve outgrown your retirement plan.
[12:11] What to do if you don’t yet have a retirement plan.
[17:36] What hair salon owners are responsible for when implementing a qualified retirement plan in their business.
[23:34] The two types of retirement plan fiduciaries.
[27:33] What hair salon owners can expect your retirement plan to cost.
Looking for more tips for how to grow, scale, and ultimately sell your hair salon business? Check out our other Unchained From the Chair podcast episodes.