Written by Victor Idoko, Narrated by AI

For many Australian business owners approaching retirement, their business represents a lifetime of hard work — and often their largest financial asset.

But here's the question many owners overlook: Will the money you receive from selling your business actually be enough to fund the retirement you want?

Selling your business is more than a transaction. It is a once-in-a-lifetime financial decision that can affect your retirement income, tax position, superannuation, family finances and financial security for decades.

In this episode of Two Incomes, One Plan, Victor Idoko explores the preparation business owners need before putting their business on the market — and why the decisions made before settlement can matter just as much as the sale price.

• Why preparation should begin two to three years before selling — and how clean financial records, contracts and business systems can improve your negotiating position.
• The financial clean-up buyers expect — including three years of accounts, tax returns, verified profits, outstanding obligations and business expenses.
• How Australia's small business CGT concessions may help you keep more of your sale proceeds — including the important conditions around the 15-year exemption and retirement.
• How superannuation can help turn business sale proceeds into retirement income — including the CGT cap, contribution timing and the importance of getting the paperwork right.
• Why personal guarantees, business debt and insurance need attention before settlement — and how overlooked obligations can follow you into retirement.
• How to plan the first two years after selling — including earn-outs, vendor finance, market volatility and the importance of having cash available for retirement spending.

Victor takes listeners through six essential areas:

1. Financials: Make your business accounts clear, consistent and verifiable.
2. Legal: Review leases, contracts, employment obligations and personal guarantees.
3. Capital gains tax: Understand which concessions may apply before agreeing to a sale.
4. Superannuation: Plan how eligible proceeds could support your retirement.
5. Household finances: Separate personal finances from business obligations and review debt and insurance.
6. After the sale: Build a retirement income plan that accounts for market risk and the timing of payments.

The episode also explores the importance of reducing reliance on the business owner, comparing share sales with asset sales, and working with your accountant, lawyer and financial adviser before signing anything.

The sale price matters. But the plan for the money matters more.

A successful business exit should do more than bring your working life to an end. It should help you begin the next chapter with confidence, clarity and a retirement income plan you can rely on.

Ideally, preparation begins years before settlement — while you still have time to improve the business, review your tax position and make informed decisions.

This podcast provides general financial information only and does not constitute personal financial, tax or legal advice. Small business CGT concessions and superannuation rules have detailed eligibility requirements and may change. Consider your individual circumstances and seek advice from a licensed financial adviser and registered tax agent before acting.

Hosted on Acast. See acast.com/privacy for more information.