When you’re starting off in business, your goals are certainly different than when you plan on exiting your business.
Being in business with your family could get tricky. For example, a recent study showed that two thirds of small business owners plan on passing their business down from one generation to the next.
Total household debt is up to $16.9 trillion for Q4 of 2022, and of that, nearly $1 trillion is credit card debt.
It’s pretty safe to say we all have one goal in common, and that is to eventually retire.
Did you know that the number one reason why small family businesses fail is because of lack of planning? Without a proper succession plan, your family business may not last beyond your lifetime. In fact, only one third, 34%, of all small businesses have a robust, documented succession plan. Business owners often get caught up working in their business and forget to work on their business.
A lot of people don’t have the time or the motivation to do a deep dive into their finances. Learn how to make your cash flow more efficient with the concept of the five areas of wealth transfer. Discover how to identify leaky holes in your personal economic model, build a pool of cash, and achieve short term, intermediate, and long term financial goals. This blogpost explains how to get started with saving and investing your money, and the importance of consistently putting away money to benefit from compound interest. Plus, find out how specially designed whole life insurance policies can help you achieve your financial goals.
Learn how to smoothly transition your family business from one generation to the next in this insightful blog post. As the older generation approaches retirement, the younger generation must take on the mantle of leadership. However, there are numerous issues to consider, including compensation, funding, and legal planning. The post offers practical tips for maximizing the efficiency of your money and finding the funds to buy out the older generation while still growing the business. Find out how one family-owned manufacturing company found $240,000 of annual recurring revenue to fund their exit strategy and gain much-needed cash flow relief.
Learn how to secure your financial future as a business owner by diversifying your assets, reinvesting profits wisely, and planning for retirement. Discover why it’s important to have liquidity and control over your assets and how to avoid being dependent on the sale of your business for retirement.
By its nature, a specially designed policy for cash accumulation puts extra money into the policy. A limited pay policy could make sense in a lot of situations, but it especially makes sense when you’re dealing with these specially designed whole life insurance policies designed for cash accumulation.
Are you saving for your future? Is it 10% of your income? Is it 15? Is it 20? Are you saving anything? And if you are, are you saving in a place where you have access to that money? In this blogpost we’re going to talk about how to strategically save for the future so that you’re able to meet your long term goals of retirement and your short term and intermediate goals as well.