I bring you Beth’s story because many business owners are hesitant to face future transitions, and perhaps even afraid that selling a business means moving "out to pasture" or tempting death. Here in Beth's story we find how Beth got excellent value for her business, and can live larger and travel more freely than ever. Plus, she helps nurture a new enterprise in her family.
Beth gained $3Million from sale of her business after all had cleared. She’s actively interested now in a business one of her children is building. In her mind, she has set aside up to $1Million, together with her time and consultation, to accelerate that business.
$2Million then can support Beth’s lifestyle and dreams through the years ahead. Since the $1Million angel-investment isn't guaranteed as to what could arise (grow or flop) Beth’s security and her ultimate estate between her three children, must remain safe with the $2Million Beth is ready to invest. She will be very interested to avoid the financial hazards and mistakes we address in this website (and in the book, A Lifetime of Wealth - And How Not To Lose It).
Ponder for a moment. 30% of business owners say they'll retire in the next 5 years, with another 30% transitioning within 10 years. But this has been true for more than a decade; in too many instances it has not been succeeding. Many personal concerns and issues keep an owner anchored to their business duties at 70, 75, 80+ ...and in some instances these businesses languish and will never sell. ...nor will succession to a new generation occur without proper stewardship and planning.
Beth’s story illustrates how her partial retirement can combine with ongoing angel-based enterprise in family and wider community. Now we discuss and implement Beth's Life Income Mandates to guarantee vital and vigorous life-income through early and later "horizons" of retirement and family estate.Adapted from chapter 2, Decisions for your Business Amazon/Kindle: A Lifetime Of Wealth - And How Not To Lose It. Brian Weatherdon, MA CFP CLU CPCA CRC MDRT. Certified Financial Planner. Certified Retirement Coach.