Ready or Not, Your Future is Coming
I have worked with incredibly successful business owners worth tens and hundreds of millions of dollars. Early in my career as a financial advisor, it was easy to assume these business owners planned for their financial future. One client described how his son-in-law, a leading law professor at an Ivy League university, advised him that all of his ducks were in a row. Upon closer examination, it became apparent that essential planning had not been executed. He only had a basic will in place for ...
Avoid Gap Shock by Preparing a Strong Personal Hedge
My mission is to advise business owners on how to achieve the strongest possible position for the sale of their business to outside or inside buyers. I can’t stress enough how important it is to have a strong and diverse Personal Hedge. Being prepared financially can eliminate the gap shock when it comes time for you to transition your business.
What is a Personal Hedge?
A Personal Hedge is the accumulation of assets outside your business that ultimately enables you to achieve the cash ...
How Preparing for Tax Season Also Helps Your Ownership Conversion Plan™
Are you the kind of business owner who scrambles through a box of receipts once tax season hits or do you have your records organized and ready to go? The latter, obviously makes surviving tax season a whole lot easier but it also is a big part of having a solid Ownership Conversion Plan™ (OCP) for your business.
As I stress in my book, it is equally important to work on your business as it is to work in your business. Therefore, it is vital for you to spend time making sure that your ...
Building Your Future By Design
Do you know the actual date that you wish to stop working in and for your business? Do you know how much money you will need to live a comfortable life as a retiree? Do you know what your business is worth in cash today?
All business owners part with their businesses voluntarily or otherwise. All owners want to receive – or have their heirs receive – the maximum amount of money when the business changes hands. And, let’s face it, money is an important measure of success.
Unfortuna...
Planning for Your Business in the New Year
Many people use the start of the new year to set goals personally and professionally. As a business owner, you should also take advantage of this time to plan for your business.
Here are 5 tips to help you get started:
Take Stock -
In my book, Designed Destinations, I talk about “The Size of the Pot” which urges business owners to know the actual current value of their businesses. Do you know the value of your business today in cash? What other income do you have outside of your ...
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