David Nilssen is the co-founder and CEO of Bellevue, Wash.-based Guidant Financial. The company helps entrepreneurs invest their retirement funds into a business or franchise without taking a taxable distribution or incurring penalties; it also aids business owners in securing Small Business Administration loans.
With 22 percent of boomers having less than $100,000 of retirement savings, many will opening their own business for financial security and a purposeful later stage of life.
Your business plan is not an academic exercise or a hoop to jump through, it's a living document that shows investors, advisors and business partners that you are serious about making your dream reality.