Hope for the best, plan for the worst: Why a business succession plan is essential

Hope for the best, plan for the worst: Why a business succession plan is essential

While everyone wants their businesses to be successful and operate for a long time, you may not necessarily want to remain at the helm.

At some point, you may want to pass the business on to your children, or to someone else in the company. You may want to sell your share to your business partner. Or you may want to sell the business to another person or company, and retire on the proceeds.

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Is Your Family Home At Risk? The One Mistake Many Business Owners Make

Is Your Family Home At Risk? The One Mistake Many Business Owners Make

As a business owner, there are plenty of things you need to manage, and two of the most important of these are assets and risks.

In other words, building your wealth and protecting your wealth.

There’s no point building a lot of wealth if the way you have things structured behind the scenes means that someone could take your assets away from you.

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Achieving your 2016 business goals: Are you still on track?

Achieving your 2016 business goals: Are you still on track?

Once again the year seems to be flying by. We’re already well into the new year, and there’s no sign of it slowing down.

So how are you going with your annual goals? Are you still on track.

As you can imagine it’s a busy time of year for us accountants. But I still make time to reflect on my business — how it’s performing, and what projects need completing for me to accomplish my goals.

And it’s probably a good time for you to do the same.

What do you really want? Why are you in business, working hard every day and taking risks instead of playing it safe like your friends? 

If you’re anything like me, your answer is probably freedom. The freedom of having enough money to buy nice things and share unforgettable experiences with our loved ones. And the freedom of having enough time to do what we want, when we want.

And we’re not the only ones. It’s probably the one thing all business owners have in common.

And with the year more than half gone, it’s time to take an honest look at your business and decide whether you’re still on track to reaching your longer-term goals.

Here are some questions for you:

  • How much could you sell your business for right now?
  • If a buyer come along today, what do you think you’d get for it?
  • How much could you negotiate on the price?
  • Would it be enough for you to retire on comfortably?. 

Answering these questions forces you to come up with a figure you think will give you the financial freedom you’re looking for.

So what’s your figure? A million dollars? Three million? Five million? Ten million?

Like most business owners, whatever figure you chose is probably a long way from where you are now. But that’s okay. What’s more important is coming up with a way to get there.

The best place to start is with your ‘freedom’ figure. Write it down, and then write down the major business goals that will get you there. Now, break down those big audacious goals into ones you can achieve within certain timeframes — seven years, three years, one year, 90 days and even the next seven days.

By setting up your endgame, and linking your goals for each time period to it, you map out the goals you need to achieve and the deadline for achieving them. And if you’re not achieving your goals within the timeframes, you may need to make some changes or even come up with a more realistic figure for your endgame.   

Obviously the higher the figure and the more outrageous goals you choose, the harder you’ll have to work to achieve them. But again, that’s okay. What’s important is getting into the habit of thinking where you could be in five or ten years time. Even if you manage half of what you set out to achieve,  think of the difference it would make to you and your family.

At FBZ Accounting we can create a one-page plan for your future that shows:

  • how much you think you need
  • an estimate of what you might have
  • how we can help you reach this goal.

It puts you in the driver’s seat, and gives you an idea of how things could look in the future if you make some changes now.

Ready to look forward to a better future? Get in touch with us today so we can show you what it might be like.

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