By Ed Clement
Often you can. The first step is reviewing the process and requirements with an expert.
It is called Rollover for Business Startups or ROBS. ROBS is a way that startup business owners can use their existing personal retirement funds (IRA, 401(k), etc.) to help open a new business or purchase an existing business – tax-deferred and penalty-free.
This allows you to use proceeds from the sale of stocks in your retirement accounts to start up your new self-storage business. Basically, you will create a C Corporation and roll over funds from a personal retirement account into the company 401 (K).
No taxes or penalties are assessed against you because it is not a distribution of retirement funds. Funding can be used for any business expense. Retirement funds can be used in conjunction with other funding types such as SBA, funding from business partners or other investors.
If you would like to learn more, we can put you in touch with an independent expert on the process who can explain the process and assist you, if you decide to exercise this option.
The Storage Authority team is excited to guide you on your journey to becoming self-storage owners.
Contact me today for additional information and see if self-storage is Your Vehicle to Wealth.
Ed Clement is a franchise director at Storage Authority. One of his passions and responsibilities is helping franchisees find land by sharing how to find land both online and offline. Ed has a strong background in real estate, investment banking and management consulting. He is available at Ed@StorageAuthority.com or 727 946 0745 to answer your questions and share the Storage Authority Franchise opportunity and advantages with you.