“If you don’t know where you are going, you will probably wind up somewhere else.”
– Laurence J. Peter
Do you struggle to make it through the day and wonder how you are going to pay your bills at the end of the month?
Does the concept of retiring well much less at all seem out of reach to you?
If I could show you how to make more money, take more time off and retire early, would you take me up on my offer?
When do you want your first day of retirement and what is your vision for the next season of life?
Schedule your 30 Minute Complimentary Session today and you will learn more.
I have a client who is a very successful business owner and in the process of selling his business. He is the quintessential entrepreneur: a visionary, hard-working, problem solver, focused on the numbers, plans and sets goals, recruits and retains the right people. Most important, he built his business to sell it, this was always his end goal. His business grew every year- even during the last recession. He no more than started to put the plan in place to roll out his exit strategy, and the buyers started coming out of the wood work. With hardly an effort, his first serious buyer entered escrow. Although that sale fell through, the second buyer surfaced just a few months later.
The next phase of his life is what most people would dream of for their retirement: water front property with bombastic views, a 40 foot yacht, excellent health and a lovely spouse to share the fruit of his labor with. Most everyone I believe who is in business or is starting one, dreams of my client’s reality. Yet most unfortunately will not realize that dream unless serious adjustments start taking place now. In the next ten to twenty years, the greatest transfer of wealth in history will take place between the Boomers, the Busters and the X and Y generations. Not only will real estate have to be liquidated to support retirement and then assisted living care in the final years; but businesses will need to be sold to the next generation or liquidated and closed down. A good friend and mentor recently brought this dilemma and opportunity to my attention. It got me thinking about how unprepared for this inevitable event we all are.
Sadly, most business owners and real estate-mortgage professionals barely have a business plan that maps out where they want to end up at the end of the year, much less a plan to sell or exit. Too many lack the essentials in place to put a valuation on their business or book. There is nothing of value to sell. However, everyone faces the inevitable last day of working their business. In most cases, the last day consists of closing the door or putting their license in referral status with no reward for their effort and sweat.
The good news is you can start to plan your retirement today no matter what your current picture looks like! Make the necessary changes to build your business to sell and have an exit strategy.
Begin with the following 3 easy steps:
1- Decide to plan your retirement. Don’t wait for that day to creep up and force itself on you. Proactively look ahead and determine when you would like to sell or exit along with the amount you wish to receive to fund your future. Give yourself permission to dream and have a vision for what you want your retirement to look like.
2- Identify the steps needed to achieve your retirement plan/goals. This is not as fun and certainly more painful than step one. This requires an internal examination, an honest look under the hood to assess what is in place and yet to be implemented before you can even think of selling/exiting. Confront the brutal facts by taking the Exit Strategy Checklist and begin to make a plan to implement the areas not yet in place.
3- Develop your Exit Strategy. Sounds simple enough. Yet without the right direction and guidance, this can be a process easily abandoned when difficulties- roadblocks arise. After all it is “in the future” and you have “now” problems to solve. It takes an intentional and disciplined approach to business and life to reach the end goal my client is experiencing. He didn’t get there by winging it, hoping and wishing.
To help you get started Contact Us today and schedule a:
30 Minute Complimentary Session with one of Our Coaches. There is no obligation and we will help you get the process started.
You have everything to gain and nothing to lose by taking us up on our offer. Even if you have no immediate plans to sell- or exit, following our sell/exit strategy will at least build your business and make it more sellable should you choose to do so later. If you follow the herd and have no retirement plan or exit strategy, you could have everything to lose.
Don’t make that mistake– Call us Today!
