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Is Your Business Your Retirement Plan?

Many business owners look at their company as their retirement vehicle, that one day they will sell it and live off the proceeds.  However, our next guest says, that while that strategy can certainly work, there are many financial considerations before a business transition such as selling or succession planning can successfully occur.

Mike Switzer interviews John Barnes, president & CEO of Pendleton Street Advisors in Columbia, SC.

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After almost 20 years, Mike Switzer retired from Wells Fargo Securities in 2001 as Senior Vice President/Investment Officer and Certified Portfolio Manager. In 1999, he and his wife, Maggie, purchased and operated for eight years the Baskin Robbins ice cream store on Forest Drive in Columbia. They grew the store from a bottom-tier operation in the Baskin Robbins franchise system to one in the top 5% nationwide within three years, tripling sales along the way. While operating the ice cream store, Mike and Maggie received patents for a portable ice cream sink and fold-down sneezeguard they invented and in 2002 started Magnolia Carts, an ice cream cart manufacturing company, which they sold in 2013.