In this episode, Brett shares a straightforward roadmap to retirement that hair salon owners can follow to eventually exit your business and retire on your terms.
As an entrepreneur, you likely have a vision for your hair salon business. However, you may not have thought about your end goal.
What I mean by that is: do you want to eventually exit your salon and retire?
Now, if your answer is yes—or even maybe—then you’ll want to ensure you’re financially prepared for your transition from salon business owner to retiree. Make sense?
I want to use this episode to give you a roadmap to retirement—a comprehensive guide to help get you there.
Because the idea of retirement as we know it is only about 50 years old. And let me reiterate how new this idea is. The 401(k), the backbone savings vehicle of American retirement, did not exist until 1978.
The Roth IRA was not born until 1998. So, it should surprise none of us that many of us are bad at saving and investing for retirement.
We’re not crazy. We’re all just newbies.
Yet here we are with between 20 and 50 years of experience in the modern financial system, hoping to be perfectly acclimated. So, I hope this episode helps put things into perspective for you and help you plan for your future self.
Episode Highlights
[03:02] How much money do hair salon owners need to retire comfortably?
[05:16] Retirement account options for self-employed individuals.
[08:20] Planning your exit from your hair salon business.
[10:12] How to determine which exit path makes most sense for you.
[13:26] Transitioning away from your hair salon—assembling your team of advisors.
Looking for more tips on how to grow, scale, and ultimately sell your hair salon business? Check out our other Unchained From the Chair podcast episodes.
