I’m excited to share with you my conversation with Pat Darby, Certified Financial Planner™ (CFP®) and Enrolled Agent (EA). Pat and I dive deep into the world of investing and retirement savings for business owners.

Pat stresses the importance of having the right mindset to save for retirement and encourages us to ask ourselves the right questions to ensure we’re on track to reach our retirement goals. We discuss how to start with individual accounts, investing in what you’re an expert in, and when business owners should start thinking about retirement savings. Pat also shares insights on what financial professionals make sense in your life at different times. 

As entrepreneurs, we know the importance of setting clear expectations and communicating effectively with our team. That’s why Pat offers tips on how to get your team on the same page with your business goals.

Pat’s valuable insights and actionable advice will help any entrepreneur looking to take control of their financial future and plan for retirement.

What you’ll hear in this episode:
[4:18] Pat’s story of how he got into the finance industry “by accident”
[11:30] Recommended avenues that new business owners should begin looking at to invest their money.
[13:30] Tips to approach the question “How do I know what to invest my money in?”
[20:09] How do business owners know when it is the right time to start looking at investing their money in retirement savings or other wealth-building avenues?
[25:50] How do you know what kind of financial professional to use to help you manage your investments?
[34:45] Why is your CPA not the right person to ask investing questions?
[38:00] The importance of having all of the financial professionals in your business communicating with one another.
[48:00] Advice for business owners on where to look for help with their long-term financial planning strategies.

Connect with Pat:
Online: Darbyba.com
IG + TikTok: @thepatdarby

* Related episodes:
226: Deducting Business Travel
241: Five Key Financial Building Blocks for Your Business
265: Taxes for Real Estate Investors with Chris Picciurro

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As a business owner, it is important to not only focus on the day-to-day operations of your business but also plan for your retirement. retirement planning is an essential part of any business owner’s financial planning process. In this article, we will discuss investment and retirement planning for business owners with Pat Darby.

Pat Darby is a certified financial planner with more than 25 years of experience in the financial services industry. He specializes in retirement planning for business owners and has helped many clients achieve their retirement goals. According to Pat Darby, “retirement planning for business owners can be complex, but it is crucial to start early and work with a qualified financial planner.”

Investing for Retirement: One of the key components of retirement planning is investing. Business owners have several investment options, including individual retirement accounts (IRAs), 401(k)s, and taxable investment accounts. Pat Darby recommends a diversified investment portfolio that aligns with a business owner’s risk tolerance and retirement goals. A well-diversified portfolio can help mitigate market volatility while providing growth potential over the long term.

retirement planning for Business Owners: In addition to investing, business owners need to consider other retirement planning strategies. For example, establishing a retirement plan for employees not only benefits employees but also provides tax advantages for business owners. Pat Darby recommends business owners consider a Simplified Employee Pension (SEP) IRA or a Solo 401(k) plan. Both options offer tax advantages and can help business owners save for retirement.

Exit Planning: Business owners should also consider exit planning as part of their retirement planning process. Exit planning involves creating a step-by-step plan for transferring ownership of a business to a new owner. Pat Darby notes that “exit planning is essential for business owners who want to maintain the value of their business and ensure a smooth transition to a new owner.” Proper exit planning can help business owners maximize their business’s value and ensure a successful transition to retirement.

In conclusion, investment and retirement planning are essential components of a business owner’s financial planning process. Working with a qualified financial planner, such as Pat Darby, can help business owners develop a retirement plan that aligns with their goals and risk tolerance. A well-planned retirement can provide business owners with financial security and peace of mind for their post-business years.