🧭 What Should Business Owners Consider When Thinking About Retirement? A 10-Step Checklist
- Norma Falconer
- Aug 6
- 4 min read
Updated: Aug 7
Retirement marks a major life shift - especially for business owners.
Unlike employees who may simply stop working, business owners face a complex transition that involves financial, legal, and emotional decisions.
From succession planning to superannuation strategies, the path to retirement requires careful preparation.
To help guide you through this process, we’ve created a 10-step checklist tailored for Australian business owners.
It covers everything from selling or passing on your business to understanding tax implications, reviewing insurance, and preparing for lifestyle changes.
This guide draws on trusted resources like ATO, Services Australia, and What's Next to help you make informed decisions and retire with confidence.
Whether you're planning to retire soon or just starting to think about it, this checklist will help you prepare for a smooth and successful transition and help with answers to the question "What Should Business Owners Consider When Thinking About Retirement?"
✅ 1. Develop a Succession or Exit Plan
Decide whether you’ll sell, close, or pass on the business. A clear succession plan ensures continuity and maximises value.
✅ 2. Understand Capital Gains Tax (CGT) Concessions
You may be eligible for the Small Business Retirement Exemption, allowing up to $500,000 of capital gains to be tax-free when selling business assets.
✅ 3. Review Superannuation Strategy
Consider making final contributions, consolidating accounts, or starting a Transition to Retirement Income Stream (TRIS).
✅ 4. Seek Professional Financial Advice and ask What Should Business Owners Consider When Thinking About Retirement?
Use the Financial Information Service (FIS) or speak to a licensed financial adviser to understand your options and optimise your retirement income.
✅ 5. Consider Legal and Tax Implications
Ensure contracts, leases, and registrations are finalised. Understand tax obligations related to business closure or sale.
✅ 6. Plan for Lifestyle and Identity Changes
Retirement can affect your sense of purpose. Consider volunteering, mentoring, or part-time work to stay engaged.
✅ 7. Review Insurance and Risk Management
Update or cancel business-related insurance policies. Ensure personal insurance (health, home, life) is adequate for retirement.
✅ 8. Understand Centrelink Impacts
Business assets and income may affect your eligibility for the Age Pension or other benefits. Report accurately to Services Australia.
✅ 9. Prepare for Unexpected Expenses
Set aside emergency funds and consider downsizing or accessing equity to cover future costs.
✅ 10. Communicate with Stakeholders
Notify employees, clients, suppliers, and partners about your retirement plans. Ensure a smooth transition and maintain goodwill.
References
📅 Ready to Retire from Your Business with Confidence?
Retirement as a business owner involves more than just stepping away - it’s about protecting your legacy, securing your finances, and planning for the next chapter.
👉 Book a retirement strategy session today to get personalised advice on succession planning, superannuation, tax implications, and Centrelink eligibility.
Let’s make your transition smooth, strategic, and stress-free.
🔗 Schedule your appointment now using the link below
At Think Capital Advice, we believe in empowering our clients with tailored financial strategies to achieve their goals. Curious to know more about who we are?
Visit our About Us page and learn how we’re committed to delivering prudent advice, practical solutions, and progressive results.
Norma Falconer is a Business Owner, Entrepreneur, Financial Planner, Portfolio and Invesment Manager, Personal Insurance Specialist and Estate Planner, in Australia, known for her prudent advice, practical solutions, and progressive results.
As the Founder of Think Capital Advice, Norma combines deep technical expertise with a compassionate, personalised and client-centric approach. Norma specialises in guiding high-income-earning business owners, professionals, and their families toward achieving their version of financial independence. Her dedication to excellence is matched by a commitment to making complex financial concepts accessible and actionable for her clients.
She is Professionally Licensed, FASEA-accredited, a Tax (Financial) Adviser, and holds multiple qualifications, including a Post-Graduate Diploma of Financial Planning and certifications in results coaching. Beyond her professional achievements, Norma is an advocate for community empowerment and has served on various boards, including the Cansa Association and Business Women’s Association. She is also a best-selling author, recognised speaker, and media contributor, sharing insights that simplify the path to financial independence.
Leveraging over 36 years of working with high-net wealth families, the team at Think Capital Advice excel in working with you to improve financial stability through maximising cashflow, growing wealth, utilising tax-effective strategies, and ensuring that your legacy is protected. Learn more at Think Capital Advice
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