In today's episode of Retire in Texas, Darryl Lyons, CEO and Co-Founder of PAX Financial Group, shares a compelling discussion centered around the unique challenges faced by business owners when it comes to exit planning. Darryl and guest Jon FitzSimon, the 401(k) Coordinator at PAX, delve into the intricacies of retirement planning for business owners and the critical role of 401(k) plans in diversifying assets beyond the business.

Listeners will gain valuable insights into PAX's Business Pivot Planning service—a five-step process designed to assist business owners in preparing for successful business exits or transitions. The episode explores strategic planning, readiness assessment, business valuation, contingency planning, and life-after-business considerations.

Today's show highlights include:

*Understanding the significance of 401(k) plans for both employees and business owners.

*Insights into the challenges and rewards of entrepreneurship shared by Jon FitzSimon, drawing from personal experiences.

*Detailed explanation of PAX's Business Pivot Planning service and its role in facilitating smooth business transitions.

*Anecdotes and stories that underscore the importance of holistic retirement planning beyond financial aspects.

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