02 Feb

Successful Life After Work Means Planning

My continuing education about business, work, and the workplace recently shared an interesting piece of data with me.  That data was only 20% of businesses that go on the market are sold.  Further, of those business owners who sold their business, 72% did not know or did not think the sale of the business will impact their lifestyle.

Think about those two points.  The average business owner has 80-90% of their personal wealth tied up in their business.  About 20% of them can take physical possession of that wealth through a sale while 80% will have to find another way.  What should each of these business owners do to improve those outcomes?  What can they do to become part of the 20% and equally important, what can be done for the remaining 80%?

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26 Jan

What Happens Next With Your Business

It’s a conversation most business owners and their families don’t want to have.  The conversation about what happens next with the business.  Next as in when the current business owner is no longer working in the business.  Next, as in how do we effectively manage that transition to ensure that the investment made in the business provides the best possible return for the business owner.

So what happens next?

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08 Sep

I Think It’s Time We Had The Talk

Not that talk.  The talk about you and the business you own.  Like it or not, one day you will leave your business.  Planning for it is something many are uncomfortable with.  Some never do, and that can not only cost them a great deal of money, but it can also cause a great deal of pain for their survivors.  Yes, your survivors; I know a business this happened to, a 50-something business owner who one day simply fell over and died.  When everything regarding his estate was completed, the family also lost the business.  This was all because there was no plan for what happened when the owner no longer worked in the business.  That may seem like an extreme, but it happened.  I knew the family personally, and the idea of transition planning was something they didn’t want to discuss.  They should have.

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11 Aug

What is Stopping You From Business Exit Planning?

As I say on the cover of my ebook about Business Exit planning, “It’s Inevitable, One Day You Will Leave Your Business.”   That stark and indisputable reality will face every one of us who own a business.  We cannot prevent it; we cannot slow it down, it will happen.  However, what we can do is not only prepare for that, we can also help ensure that our personal needs are taken care of and that whatever legacy we want our business to have is considered and prepared for.

So What Do We Do?

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