Business owners are a unique breed. They’ve chosen to blaze their own trail in the world of work. They face challenges that others don’t- fending off competition, making payroll and managing growth are but a few.
Building a business is a time-honored tradition in the United States. From Eli Whitney to Henry Ford to Steve Jobs- bringing an idea to fruition and showing the world a better mousetrap- has attracted a certain type of person. There are a lots of ways to end up a business owner- including starting it yourself, buying an existing one, joining a franchise, or taking over a family business. No matter how you got here, the challenges are the same- and the buck stops with you.
Being a business owner can be a double-edged sword financially. It can be challenging, especially early on. You may have gone a while without a salary while everything you had went back into the business to make it survive and grow. However, it can provide opportunity, a good living and a comfortable lifestyle. Some unfortunately don’t make it- the first time. But for many, eventually it clicks, and through passion and hard work they build something bigger than themselves that brings financial security, pride and respect. How you get there is yours is yours to choose- at least to some degree. And that’s what drives business owners.
With time, age and success can come complexity. The business grows bigger than you alone can handle. You bring in employees, and then maybe partners. You begin to realize that it has value and that that value is a very significant part of your personal wealth. Finally comes the question- how do I get my wealth out of the company when I get older? Sure, maybe you don’t want to retire. But face it, at some point you won’t be here or able to run it and something will happen to the company. You’ll realize that your family- your spouse perhaps- needs the value in the company to take care of his or her needs. Do you sell it? Can you sell it? What’s it worth- and are you being objective in that assessment? Who would buy it? For how much? What if the kids want to take it over? What’s the impact on your finances if you don’t get a good price or can’t sell it?
At TWS we like to work with business owners as they grow, and later as they prepare for life after the business. We, through our Life-Planning approach, want to help you understand the impact of the varying options on your personal goals and finances. If needed, we connect you to folks who can help you look objectively at your business to determine what tweaks and changes would help increase its value (after all- everyone knows their baby is perfect- in their eyes). Another thing we bring to the table is helping our business owner clients look at the future- at life after 60 hour weeks. What will fill that time? What will excite and interest you? Where can you use your talents and skills in ways others will value and appreciate? You can’t just golf all the time. We’ve heard it from wise sources that it isn’t enough. Plus, and again from good sources, your spouse doesn’t want to hang out with you 24/7 after having his/her own life all these years. By having something exciting to move forward towards, you’ll find yourself better able to make good decisions regarding the future of your business. That’s good for everyone.
Business owners are unique. You have challenges. You have highs and lows. But you’re doing it for a reason- and with a purpose. TWS is here to help you realize and enjoy the fruits of your labor and to help you leave a legacy you can be proud of. We know what you’re facing. After all, Todd is a business owner too.
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