As a business owner in Florida, you’ve probably spent most of your adult life building something meaningful—whether it’s a law firm in Miami, a boutique in Sarasota, or a construction company in Jacksonville. You’ve taken the risk, made the sacrifices, and stayed up late worrying about payroll, taxes, and growth.
But here’s something I’ve noticed after working with countless Florida entrepreneurs over the years: many of them haven’t given retirement planning the attention it deserves.
Why? Because when you’re running a business, everything else comes first.
The truth is, your business isn’t your retirement plan—or at least, it shouldn’t be your only one. So, let me walk you through some smart, strategic tips to help you prepare for a financially secure retirement, even while you’re still managing your company day to day.
Why Business Owners Need a Different Retirement Game Plan
Unlike traditional employees, business owners don’t have access to employer-sponsored 401(k)s with matching contributions. You’re the employer. And if you don’t set up a plan, no one will do it for you.
Additionally, many entrepreneurs assume they’ll just sell the business and retire off the proceeds. While that can work, it’s not guaranteed. Markets shift. Buyers back out. And businesses sometimes lose value as the founder steps back.
At Manna Wealth Management, I work with business owners across Florida to build a multi-layered retirement plan—one that gives them options, flexibility, and peace of mind.
Tip #1: Start with a Retirement Plan That Works for You
There are several powerful retirement accounts designed specifically for business owners. Each one offers unique tax advantages and flexibility, depending on your income and structure.
1. SEP IRA (Simplified Employee Pension)
- Ideal for solo business owners or those with few employees
- Contribute up to 25% of compensation, or a max of $70,000 (in 2025)
- Easy to set up and low cost
2. Solo 401(k)
- Perfect for solopreneurs or businesses with only the owner and spouse
- Contribute as both employer and employee—up to $70,000, or $77,500 if over 50
- Allows Roth contributions and loan options
3. SIMPLE IRA
- Good for small businesses with fewer than 100 employees
- Easier to administer than a traditional 401(k)
- Employer matches up to 3% of employee salary
Choosing the right plan depends on your income, business type, number of employees, and goals. That’s why it’s best to talk to a Florida-based advisor who can walk you through it.
Tip #2: Diversify Beyond the Business
A huge mistake I see with many entrepreneurs is putting too much faith in their business as their retirement nest egg. You need to diversify.
Invest in:
- Real estate
- Stocks and bonds
- Tax-advantaged retirement accounts
- Other businesses (if appropriate)
Why? Because if something happens to your business—market crash, regulation changes, health issues—you don’t want your entire retirement tied up in one asset.
At Manna Wealth Management, we help business owners across Florida balance business value with outside investments. That way, your financial future isn’t solely dependent on selling your company.
Tip #3: Pay Yourself First
It’s easy to reinvest everything back into the business. I get it—growth is exciting. But you’ve got to pay yourself along the way.
That means:
- Taking a regular salary
- Making retirement contributions (even if small at first)
- Building a separate emergency fund just for your personal life
Think of retirement savings as non-negotiable, just like rent or payroll.
Remember: The earlier you start, the more compound interest works in your favor.
Tip #4: Create an Exit Plan—Years in Advance
Too many business owners wait until their 60s to think about exit strategy. That’s risky.
Here are some options:
- Sell the business outright (to a competitor or private equity firm)
- Transition to family or key employees through a buyout plan
- Set up an ESOP (Employee Stock Ownership Plan)
- Wind down and close the business over time
Each of these options takes years of planning—not months. And the decisions you make now can affect the value of your business when it’s time to step away.
As a fiduciary advisor, my role is to help you look ahead, so you’re not caught off guard when retirement is suddenly around the corner.
Tip #5: Don’t Overlook Estate and Succession Planning
Retirement planning isn’t just about you. It’s also about your family, your legacy, and your employees.
Make sure you have:
- A clear succession plan for who takes over
- Updated wills and trusts
- Proper life and disability insurance
- A tax-efficient plan for passing wealth to heirs
We regularly partner with estate attorneys and CPAs to help Florida business owners build a coordinated plan that goes beyond investments.
Bonus Tip: Keep Personal and Business Finances Separate
This may sound obvious, but I’ve seen many business owners blur the lines between personal and business money. It leads to tax issues, planning errors, and difficulty measuring your financial progress.
Set up:
- A separate business bank account
- Separate credit cards
- A clear budget for personal vs. business spending
- A retirement portfolio that’s independent of your company assets
Having this kind of clarity makes retirement planning 10x easier—and way more effective.
Final Thoughts
Florida business owners are some of the most driven, creative, and resilient people I’ve ever worked with. But the same traits that make you a great entrepreneur—grit, reinvestment, vision—can sometimes get in the way of smart retirement planning.
The good news is, you don’t have to go it alone.
At Manna Wealth Management, we specialize in helping Florida business owners turn income into long-term wealth, and businesses into lasting legacies. Whether you’re five years from retirement or twenty, the time to start planning is right now.
Want to build a retirement plan that honors your hard work and protects your future?
Let’s talk. Our team of Florida-based financial advisors is here to help you retire with confidence—and a plan that works as hard as you do.
