At some point in life, every business owner and founder will face the same stark reality: What does the future hold for my business once I’m done?
Selling your business is one of the most complex decisions you will face in your lifetime. You have likely been involved in owning and leading your company for many years. You’ve poured yourself out into building a successful business, providing top-notch products or services, and empowering team members.
Then, one fateful day, life comes knocking.
At the top of the Life Clarity Pyramid is the final step of preparedness: planning your future and preparing your estate. While you may wish to avoid these thoughts today, the risk is far greater if you wait until it’s too late.
What if selling your business could be seen as one of the best financial decisions you will make for your final chapter?
From Business Value To Bank Account
While no business situation is the same, the essence remains: selling your business will leave you with a final dollar value for the culmination of your blood, sweat, and tears. Once you see that offer on the table, you may be tempted to reject the offer and make that money or more on your own.
However, as you move toward your future it is essential to consider risk.
Your business may be worth $5 million today. But what if you could sell all or some of that and turn that value into money in your bank? By taking the steps to move from business value to personal wealth, you can reduce the risk that economic unknowns may bring tomorrow.
By taking risk off the table and divesting yourself of your business today, you can set a strong foundation for the rest of your life.
Who knows, you may even discover a new possibility in your last chapter that requires a bit of that financial capital!
The Future Is Two-Fold
As you begin to have thoughts about the future of your business, being prepared should be at the top of your list. Too many business owners wait to speak with a financial professional or advisor until the last moment -leaving them with emotion-driven decision making.
Choosing to sell part or all of your business and transition into a new phase of life can be monumental. So why do it alone? Far before any sale happens, set up a time to take care of two important steps:
1. Prepare Your Will & Representation
Whether you have never set up a will or haven’t looked at it for years, today is the day to get your affairs together.
You never know what the future may hold, and you never want to leave your family or associates in the
difficult place of having to make decisions on your behalf without the right information.
2. Meet With Your Financial Advisor
Well before you start thinking of the future of your business after you, it is vital to have ongoing conversations with a financial guide or advisor.
A professional can help you brainstorm ideas for your business’s future, prepare yourself for the obstacles that may arise, and guide you through any legal matters -including how to transition your business to a family member.
Prepare today for the life you wish to live tomorrow. Once you reach the top of your Life Clarity Pyramid, you will have the complete vantage point necessary to live the life you’ve always wanted -while having the confidence that comes from knowing your financial future is protected.
Want to hear more great lessons on life, happiness, and truewealth? Check out the Picture of Wealth podcast -hosted by Dustin Serviss. Discover the tips, tricks, and insights that unlock a life well spent. Listen today where you listen to podcasts