6 responses

  1. Robert Smith
    March 5, 2014

    Brian, you have touched on the key barriers faced by the self employed with well documented statistics. On all accounts I agree with your findings, particularly about how to invest for income (#3). Emphasizing about having a written financial plan (not to be confused with a business plan) both for your business and yourself is strategic Without one it is similar to sailing across the ocean without a compass.

    As you say, luck comes to those who are prepared.

    Thank you for sharing your insights and wisdom.

    Robert

    Reply

  2. Ken Davidson
    March 6, 2014

    Brian, excellent work here. I’m glad to see that a fellow professional is noticing similar trends that are holding back the legacy of hard working entrepreneurs.

    We are clearly on the same page as I just published a similar article today on “5 Fears That Jeopardize The Future of Your Business”. I feel it is a great companion article to this one, here is the link:

    http://www.businessgrowthstrategies.ca/1929/succession-planning-fears/

    Regards,

    Ken Davidson, CA

    Reply

  3. Brian Weatherdon
    March 6, 2014

    Thank you Ken for your note; yes I was thrilled seeing your article this morning too. Something in the air, that this is such a vital subject and we need to address all sides of it. Eliminating the 5 Fears, and overcoming the 4 Barriers, will protect business owners, family members, staff and business associates, and the entire value of business throughout our communities.

    What’s more …the preparation for an effective business sale can also increase the bottom-line results and rewards. We will surely say more about this along the way too. Preparing sale isn’t closing the door; it’s opening wider opportunities pre- and post-sale. 🙂

    Reply

  4. Doug Osborne, Doug’s Unlimited Inc.
    March 10, 2014

    Well written Brian, and an issue well articulated for private and family business owners. It is also difficult to contemplate such a life change when the day-to-day ‘busy-ness’ is swirling around you. And even more difficult when you are uncertain about the exit process, how to approach it, or the time it will take (over and above your current busy-ness). We know with aging demographics that this issue will only grow as more business owners look towards retirement in the next 10 years. Your #4 in particular resonates with me – the planning. The question is, will their exit be a planned, orchestrated ‘Lucrative Exit’, or simply a impromptu or unplanned exit triggered by inevitable life-changes of death, disability, divorce, or family dissent (unfortunately the most common ‘default’ exits). Well done Brian!

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  5. Kevin Milne
    March 13, 2014

    Brian , great points made and as always excellent insight into what individuals should be aware of.
    It is difficult to imagine or visualize retirement for some but planning for that time is a must and comes sooner than you think. It is always a work in process and should be on your to do list constantly.
    Keep up the great work Brian and invaluable information you share.

    Reply

  6. Murray Gottheil
    March 30, 2014

    Brian – You have hit upon my usual mantra of the necessity of planning for business transition, and your point is very well taken that the planning has to be integrated with personal planning. The prevailing wisdom is that planning for business transition should start 7-10 years before the event, but a strong case can be made for starting the planning for an exit strategy on the day that the business is started. Everyone is going to sell their business eventually. The only question is whether they are going to do it voluntarily in a manner which helps them achieve their personal goals, benefit their families and give CRA as little tax as as possible, or involuntarily due to illness or death and leaving a mess behind them. Keep getting the word out.

    Reply

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