Maximizing Happiness in Retirement: A Holistic Approach to Business Exit Planning


About the Episode

Thinking about retirement is different for a business owner. You want to ensure you continue living life with purpose and intent to make sure you are happy once you sell your business. Expert Elliot Kellen discusses how to avoid the vacuum that occurs after you sell your business. He offers strategies for clarifying your goals and vision for retirement to guide financial decisions, the components of an action plan, and putting together a team of advisors to help achieve a successful sale and retirement.

A business owner should understand what their needs are and the legacy they want to create because leaving a legacy to your family and leaving a legacy to charity don’t have to be different. They can be all tied together.”

Elliot Kallen

What You’ll Learn

  • Exit Planning: The decision-making process for using the proceeds from selling your business.
  • Retirement Plans: Consider what you want to do once you sell your company, from personal plans to leaving a legacy to charitable efforts.
  • Action Plan: Learn the steps to take after you have defined your goals and are ready to put your money to work. 
  • Wealth Management: Tips for selecting the right team of advisors to assist throughout the sale process and tax planning for a business owner.

Topics Covered

Where do owners go wrong when it comes to the financial side of selling their company? [1:49]
How important are the emotional elements when considering the sale of a company? [7:10]
What does the retirement planning and decision-making process look like? [15:38]
Why is it important to start a financial planning discussion by looking at personal goals? [20:02]
What happens when someone sells their business, gets a big payout, but doesn’t have their personal goals clarified? [23:35]
What components should be considered when thinking about a retirement plan? [31:25]
Where do owners tend to get hung up in the overall planning for retirement process? [42:11]
What does the ideal retirement plan or exit strategy look like? [50:19]

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Meet Our Guest

Elliot Kallen

Elliot Kallen

Wealth Advisor, Prosperity Financial Group | San Ramon, California

Elliot Kallen is a financial planner, wealth advisor, and President of Prosperity Financial Group. He has over 30 years of entrepreneurial business ownership and is a frequent keynote speaker to charities, podcasts, and radio shows on motivation, leadership, charitable work, marketing, and various financial subjects. Elliot is also President of A Brighter Day Charity, which unites stress and depression resources with teens and their parents to stop teen suicide.

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