Two Sides to Every Story
I’m sure you’ve heard the phrase, “There are two sides to every story” in your life many times. This phrase has special meaning for business owners who are often faced with the personal side of their story and a business side of their story. Trying to balance both and be successful in both takes planning, initiative, patience, and time. These are simultaneous goals and failing to consider and plan for these two concurrent paths – the business improvement path and your personal and financial planning path – will cause problems to arise in both areas.
Work on Your Business, Not Just in Your Business
As a business owner, one of the most difficult financial and personal decisions you will make in your life is exiting your business. No matter what stage your business is in, it’s important for your business to not become too owner-dependent. Instead of working in your business, you should spend time working on the business to provide the most value. The best way to grow value in your business is for it to run independently from the owner. Investing time and resources to train leaders in your business ensure they will run your business well after your exit. Don’t get bogged down in the everyday, nitty-gritty details of your business – look at the big picture – is what you’re doing helping to create value?
Work on Your Life, Not Just in Your Life
So, what’s life after business ownership look like? If you’ve done your planning, it may look pretty bright. Sometimes the thought of living your life without your business can be a major source of stress. Who are you without your business? Be sure to give serious thought about this next phase of your life – it’s important to have a vision for what you want to do during this time. Keep yourself engaged – you’ve worked hard as a business owner, enjoy this time!
Having a full and complete exit plan that considers your business, financial and personal needs is crucial for a profitable business exit. In order to make this happen, you’ll need a team of professionals to support you along the way. Look for business coaches and a Certified Exit Planning Advisor (CEPA®) to help on the one side of your story and consult with a qualified financial advisor, like Certified Financial Planner (CFP®), for the other side of your story, and may both sides of your story have happy endings.
Source: Exit Planning Institute
Jodi Perez, CEPA®, CFP®
Financial Advisor, Raymond James
20635 Amberfield Drive, Suite 102
Land O’Lakes, FL 34638
Any opinions are those of the author and not necessarily those of Raymond James. Expressions of opinion are as of this date and are subject to change without notice. The information has been obtained from sources considered to be reliable, but we do not guarantee that the foregoing material is accurate or complete.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the certification marks CFP®, CERTIFIED FINANCIAL PLANNER™, and CFP® (with plaque design) in the United States, which it authorizes use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Securities offered through Raymond James Financial Services, Inc., member FINRA/SIPC. Investment advisory services are offered through Raymond James Financial Services Advisors, Inc. Independent Financial Services is not a registered broker/dealer and is independent of Raymond James Financial Services.
Written By: Jodi Perez
As a Certified Exit Planning Advisor and a CERTIFIED FINANCIAL PLANNER™ professional, Jodi understands the complexities business owners face when trying to simultaneously achieve business-related and personal goals.