With over half of today’s 9.5 million owners of established businesses reaching the retirement age of 50 years old or older it is likely that many of you will be ready to leave your business within the next decade or so1. What have you done to plan for that day?
What are you waiting for? How could planning for the biggest financial event of your life not be worth your time and effort?
Given that most retirees live on 95 percent or more of their pre-retirement income there’s good reason to get busy creating an Exit Plan that enables you to help achieve your financial and lifestyle objectives after you leave your business2.
If you aren’t sure how to begin preparing for your voluntary – and inevitable exit – because you don’t understand the process or even know whom to turn to for help, you are not alone. There is a methodical, adaptable and customized Exit Planning Process that business owners and their advisors have used for years that is designed to help owners leave their businesses on their own terms and on their schedules.
Exit Planning is not mysterious, time-consuming, nor just a clever way to sell you another product. It is, however, a means to help you achieve your financial and lifestyle objectives:
1. Leaving on the date you choose.
2. Receiving the amount of cash you want.
3. Choosing your successor.
4. What exactly is the Exit Plan that will allow you to leave your business in style? How do you create yours? Just as there is an almost infinite variety of businesses and business owners, so too are there many different Exit Plans.
Yet all plans contain several common elements. Let’s begin with the basic seven issues that most owners understand best when we phrase them as questions.
1. Do you know your primary planning objectives for leaving the business, such as:
Departure date?
2. Income needed to achieve financial goals?
3. To whom you want to leave the business?
4. Do you know how much your business is worth?
5. Do you know how to increase the value of your ownership interest through enhancing the most valuable asset of the company – the employees?
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The Genius of Inspiration
Monday, November 28th, 2011Thomas Edison said: “Genius is one percent inspiration and 99 percent perspiration.” Inspiration is that passion and determination which makes you want to get out of bed in the morning, smile through the tears, and work through any dilemma. So, how do cultivate inspiration? Where does it come from?
Inspiration is what gets us all going and keeps us going through the hard work, determination, and perspiration of achievement. I believe inspiration comes from being clear about our purpose. When we know why we want to do, be or have something nothing can stop us.
I watched the movie Rudy for the fourth or fifth time this weekend. Rudy was a dynamo. He grew up in a steel mill town where most people ended up working in a factory for the rest of their lives. But he wanted to play football at Notre Dame. He had a few problems though; his grades were low, he didn’t have the best athletic skills and he was half the size of the other players. But he had the spirit, the drive and the inspiration of 5 players and he set his sights on joining the team. Why? Because he was passionate about Notre Dame Football and he was determine to make his father proud.
When Rudy got hit he always got up, and, granted, sometimes he got up more slowly than others, but he always got up. As he rose up, he shook his head, dusted himself off, and re-joined the team line-up to do it all again. He got knocked down to the ground several times a day in practice yet he always bounced right back up, ready for more action – without a hint of complaint or any tears.
Think about what life would be like if you pursued your passions in the same way Rudy pursued his? How would it be different for you? How different could your life and your work be if you lived it with as much passion and perseverance for life as Rudy did for football?
Deseri Garcia
Vida Aventura
317-362-4898
www.vidaaventura.net
Tags: Business goals, indianapolis small business, inspiration
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